Read the account name and sort it into the correct category: Assets, Liabilities, Equity, Revenue, or Expenses.
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What: Things the company OWNS.
Example: Cash, Supplies, Prepaid Insurance, Prepaid Rent, Equipment, Vehicles.
What: What the company OWES.
Example: Accounts Payable, Notes Payable, Unearned Revenue.
What: Owner's net worth.
Example: Owner's Capital, Drawings, Stock.
What: Money EARNED.
Example: Service Revenue, Sales.
What: Costs to run business.
Example: Rent Expense, Salaries Expense, Utilities Expense.