Accounts classification The following accounts are taken from a balance sheet.1. Cash2. Retained earnings3. Equipment4. Supplies5. Accounts payableRequiredIndicate whether each account is an asset (A), liability (L), or part of equity (E).

Introduction: Balance sheet: All Assets and liabilities are posted in Balance sheet. It tells the…

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Accounting

The following accounts are taken from a balance sheet. 1. Cash 2. Retained earnings 3. Equipment 4. Supplies

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 33MC: Which of the following accounts will normally have a debit balance? A. Common Stock B. Fees Earned...

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Accounts classification

The following accounts are taken from a balance sheet.
1. Cash
2. Retained earnings
3. Equipment
4. Supplies
5. Accounts payable
Required
Indicate whether each account is an asset (A), liability (L), or part of equity (E).

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