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Match Each Account Description to the Balance Sheet Classifications You

Question 125

Matching

Match each account description to the balance sheet classifications You may use each choice more than once or not at all. You may assign more than one category to an account if it can be classified in more than one category.

Premises:
Loss on bond redemption
1-year non-interest-bearing note receivable
Discount on bonds that mature in 3 years
6-month note payable
Premium on bonds issued that mature in 8 months
Discount on notes payable due in 12 months
Lease liability on a 5-year capital lease paid annually
Responses:
Current assets
Long-term assets
Current liabilities
Long-term liabilities
Not reported on the balance sheet

Correct Answer:

Loss on bond redemption
1-year non-interest-bearing note receivable
Discount on bonds that mature in 3 years
6-month note payable
Premium on bonds issued that mature in 8 months
Discount on notes payable due in 12 months
Lease liability on a 5-year capital lease paid annually
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