For each transaction for the Brandes Company described below, indicate if the account is an asset (enter A), liability (enter L), or owners' equity (enter OE): i. Brandes uses electricity during the month of April. The bill charging Brandes $550 for April electricity is received on May 5 and must be paid by May 26. The bill for April's electricity is a/an.
ii. Brandes purchases a delivery truck which will be used to delivery products to customers. The delivery truck is alan Brandes borrows $10,000 from a local bank. They will have to pay the loan back in three years, and the repayment will include the original $10,000 plus interest. The amount that Brandes must repay is a/an
iii. Shortly after Brandes starts operating, it is running low on cash. Instead of paying cash to its employees, it gives them shares of ownership in the company. These shares are a/an On December 22, 2019, Brandes spends $12,000 to purchase an insurance policy. The insurance policy covers January 1 through December 31, 2020. The insurance policy is a/an
iv. Brandes acquires inventory from a supplier on April 27, 2018, with a total cost of $1,400. The supplier agrees to let the company pay for the inventory in May, 2018. The bill that the supplier attaches to the inventory delivered on April 27 is a/an
.