Selected accounts of Albright Consulting, Inc., a financial services business, have the following balances at December 31, 2018, the end of its first year of operations. During the year, Lucy Albright, the only stockholder, bought $24,000 of stock in the business.
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Requirement 1. Identify each amount shown as an asset, liability, revenue, or expense.
Office furniture
Utilities expense
Accounts payable
Note payable
Service revenue
Accounts receivable
Supplies expense
Data table
Office furniture
Utilities expense
Accounts payable
Note payable
Service revenue
Accounts receivable
Supplies expense
$\ 28,000 Rent expense
5,800 Cash
6,900 Office supplies
33,000 Salaries expense
141,500 Salaries payable
12,500 Property tax expense
3,600 Equipment
$\ 25,000
10,000
800
40,000
2,500
2,700
20,000
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