For each item that follows, tell whether it is an asset, a liability, or a shareholders equity item 1 Automobile 2 Prepaid insurance 3 Common stock 4 Unearned revenue 5 Accounts payable 6 Retained earnings 7 Accounts receivable 8 Inventory 9 Cash ...

For each item that follows, tell whether it is an asset, a liability, or a shareholders equity

Question:

For each item that follows, tell whether it is an asset, a liability, or a shareholders’ equity item.
1. Automobile
2. Prepaid insurance
3.
4. Unearned revenue
5.
6. Retained earnings
7. Accounts receivable
8. Inventory
9. Cash

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...