Post Utme Elizade University 2024 Accounting Question 3

A company's trial balance as of December 31, 2022, is as follows: Debit Cash: ₦100,000 Accounts Receivable: ₦150,000 Prepaid Rent: ₦20,000 Equipment: ₦500,000 Accumulated Depreciation: ₦50,000 Credit Accounts Payable: ₦80,000 Salaries Payable: ₦30,000 Unearned Revenue: ₦10,000 Common Stock: ₦200,000 Retained Earnings: ₦100,000 Total: ₦1,250,000 ₦1,250,000 Determine the correct classification of the following accounts: Cash, Accounts Receivable, Prepaid Rent, Equipment, Accumulated Depreciation, Accounts Payable, Salaries Payable, Unearned Revenue, Common Stock, Retained Earnings.