Answered: Classify each item as an asset,…

Classify each item as an asset, liability, or stockholders' equity. Accounts payable Cash Equipment Supplies Accounts receivable Notes payable

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter1: Asset, Liability, Owner’s Equity, Revenue, And Expense Accounts

Section: Chapter Questions

Problem 1DQ: Define assets, liabilities, owners equity, revenues, and expenses.

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Question

Classify each item as an asset, liability, or stockholders' equity.
Accounts payable
Cash
Equipment
Supplies
Accounts receivable
Notes payable

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