Question: The Mill Run Golf and Country Club details following accounts in its financial statements.
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(a)
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(b)
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Accounts payable and accrued liabilities
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_____
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_____
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Accounts receivable
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_____
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_____
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Property, plant, and equipment
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_____
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_____
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Food and beverage operations revenue
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_____
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_____
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Golf course operations revenue
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_____
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_____
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Inventory
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_____
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_____
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Long-term debt
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_____
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_____
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Office and general expense
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_____
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_____
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Professional fees expense
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_____
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_____
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Wages and benefits expense
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_____
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_____
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Instructions
[A] Classify every of the above accounts as an asset (A), liability (L), stockholders' equity (SE), revenue (R), or expense (E) item.
[B] Classify every of above accounts as a financing activity (F), investing activity (I), or operating activity (O). If you believe a particular account does not fit in any of these activities, explain your reasoning.