The Bonita Vista Golf & Country Club details the following accounts in its financial statements. Classify each of the following accounts as an asset, liability, stockholders' equity, revenue, or expense item. Accounts payable Accounts receivable Equipment Sales revenue Service revenue Expense Liability Stockholders' Equity Asset Revenue Inventory Mortgage payable Supplies expense Rent expense Salaries and wages expense

Accounts payable - Liability

Accounts receivable - Asset

Equipment Sales revenue - revenue

Service revenue - revenue

Expense - expense

Liability - Liability

Stockholders' Equity - stockholders' equity

Asset - Asset

Revenue - revenue

Inventory - Asset

Mortgage payable - Liability

Supplies expense - expense

Rent expense - expense

Salaries and wages expense - expense

Explanation:

Assets are resources controlled by an entity as a result of a past event, for which future economic resources will flow to the entity.

Liabilities are present obligations of an entity as a result of a past event, the fulfillment of which would result in the outflow of resources.

Expenses and revenue refer to the cost and income of an entity for services enjoyed and rendered respectively.

Based on the information provided within the question it can be said that each of the terms would be classified as the following,

Accounts payable: Liability

Accounts receivable: Asset

Equipment: Asset

Sales Revenue: Revenue

Service Revenue: Revenue

Inventory: Asset

Mortgage payable: Liability

Supplies expense: Expense

Rent expense: Expense

Salaries and wages: Expense