Acc301 Accounting: E1-3 The Long Run Golf & Country Club details the following accounts
Exercise 1-3 The Long Run Golf & Country Club details the following accounts in its financial statements. Accounts payable and accrued liabilities Accounts receivable Property, plant, and equipment Food and beverage operations revenue Golf course operations revenue Inventory Long-term debt Office and general expense Professional fees expense Wages and benefits expense
Instructions (a) Classify each of the above accounts as an asset (A), liability (L), stockholders' equity (SE), revenue (R), or expense (E) item. (b) Classify each of the above accounts as a financing activity (F), investing activity (I), or operating activity (O). If you believe a particular account doesn't fit in any of these activities, explain why.