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Classify Each of These Items as an Asset (A), Liability

Question 63

Essay

Classify each of these items as an asset (A), liability (L), or owner's equity (OE).
_____ 1. Accounts receivable
_____ 2. Accounts payable
_____ 3. Mantle's, Capital
_____ 4. Office supplies
_____ 5. Utilities expense
_____ 6. Cash
_____ 7. Note payable
_____ 8. Equipment

Correct Answer:

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1. A 5. OE...

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