Indicate whether each of the following items is an asset lia
Indicate whether each of the following items is an asset, liability, or part of owner’s equity.
| (a) | Accounts receivable |
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| (b) | Salaries and wages payable |
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| (c) | Equipment |
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| (d) | Supplies |
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| (e) | Owner’s capital |
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| (f) | Notes payable |
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Solution
(a) Accounts receivable - Asset
(b) Salaries and wages payable - Liability
(c) Equipment - Asset
(d) Supplies - Asset
(e) Owner’s capital - Owner’s Equity
(f) Notes payable - Liability
