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

\"\" Owner’s EquityLiabilityAsset

(b) Salaries and wages payable

\"\" Owner’s EquityAssetLiability

(c) Equipment

\"\" AssetLiabilityOwner’s Equity

(d) Supplies

\"\" AssetLiabilityOwner’s Equity

(e) Owner’s capital

\"\" Owner’s EquityAssetLiability

(f) Notes payable

\"\" Owner’s EquityAssetLiability

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

Indicate whether each of the following items is an asset, liability, or part of owner’s equity. (a) Accounts receivable Owner’s EquityLiabilityAsset (b) Salarie

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