Question
Asked Jan 23, 2019

Could you tell me if the following Accounts are Assets, Liabilities or Equity?

1) Accounts Receiveable
2) Smith, Capital
3) Wages, Payable
4) Cash
5) Interest Receivable
6) Taxes Payable

7) Smith, Drawings

8) Retained Earnings
9) Buildings

10) Land

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Expert Answer

Step 1

Assets are the resources available from which a business is expected to derive future economic benefits. Example Cash, land and building, Accounts Receivable

Liabilities are the obligations which would result in payment of resour...

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