Question

Identify each account as asset​ (a), liability​ (l), or equity​ (e).
a. accounts payable
b. cash
c. common stock
d. accounts receivable
e. rent expense f. service revenue g. office supplies h. dividends i. land j. salaries expense

Answer 1

Identify each account as Asset (A), Liability (L), or Equity (E)

A. Accounts Payable - liability

B. Cash - asset

C. Owners Capital- Equity

D. Accounts Receivable- asset

E. Rent Expenses - equity

F. Service Revenue - equity

G. Office Supplies - asset

H. Owners Withdrawal - equity

I. Land -asset

J. Salaries Expenses -equity