Classify the following into assets or liabilities: (a) Business premises (b) Bank overdraft (c) Money owed by others to the business (d) Equipment owned by the business (e) Mortgage on premises (f) Cash held in till (g) Unpaid bill. Assets Liabilities

Classify the following into assets or liabilities: (a) Business premises (b) Bank overdraft (c) Money owed by others to the business (d) Equipment owned by the business (e) Mortgage on premises (f) Cash held in till (g) Unpaid bill. Assets Liabilities

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter10: Auditing Cash, Marketable Securities, And Complex Financial Instruments

Section: Chapter Questions

Problem 3CYBK

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Question

Please explain as well

Classify the following into assets or liabilities:
(a) Business premises
(b) Bank overdraft
(c) Money owed by others to the business
(d) Equipment owned by the business
(e) Mortgage on premises
(f) Cash held in till
(g) Unpaid bill.
Assets
Liabilities

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