The Fair View Golf & Country Club details the following accounts in its financial statements.
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(a)
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(b)
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Accounts payable
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_____
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_____
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Accounts receivable
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_____
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_____
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Equipment
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_____
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_____
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|
Sales revenue
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_____
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_____
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|
Service revenue
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_____
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_____
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Inventory
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_____
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_____
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Mortgage payable
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_____
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_____
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Supplies expense
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_____
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_____
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Rent expense
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_____
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_____
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Salaries and wages expense
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_____
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_____
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Instructions
(a) Classify each of the above accounts as an asset (A), liability (L), stockholders" equity (SE), revenue (R), or expense (E) item.
(b) Classify each of the above accounts as a financing activity (F), investing activity (I), or operating activity (O). If you believe a particular account doesn"t fit in any of these activities, explain why.