Respuesta :
Answer:
Explanation:
In the classified balance sheet, we summarize the asset and liabilities into various types
Like assets are divided into fixed assets, current assets, and intangible assets.
Likewise, liabilities are also divided into current liabilities, long term liabilities
In every balance sheet, the accounting equation is used that means
Total assets = Total liabilities + Shareholder equity\
And, In the income statement, the total revenues and the total expenses are recorded.
If the total revenues are more than the total expenditure then the company earns net income
And, If the total revenues are less than the total expenditure then the company have a net loss
This net income or net loss would reflect in the statement of the retained earning account.
So,
1. Supplies - Current Asset
2. Unearned Fees - Current liabilities
3. Prepaid Advertising - Current Asset
4. Advertising Expense - Expense
5. Supplies Expense - Expense
6. Prepaid Insurance - Current Asset
7. Accounts Payable - Current liabilities
8. Fees Earned - Revenue
