Identify each of the following accounts as an asset, Liability or Equity. ACCOUNTS Owner's Drawing Note's Payable

Identify each of the following accounts as an asset, Liability or Equity.

 

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ACCOUNTS Owner's Drawing Note's Payable Office Equipment Mortgage Payable Delivery Equipment Accounts Payable Deposit for Utility DESCRIPTION OF THE ACCOUNTS Cash withdrawn by owner A written promise to pay the supplier Fax machine A loan collateral is given to the creditor Cars purchased for use in the business Money, owed to suppliers Deposit made for telephone service CLASSIFICATION ACCOUNTS Owner's Drawing Note's Payable Office Equipment Mortgage Payable Delivery Equipment Accounts Payable Deposit for Utility DESCRIPTION OF THE ACCOUNTS Cash withdrawn by owner A written promise to pay the supplier Fax machine A loan collateral is given to the creditor Cars purchased for use in the business Money, owed to suppliers Deposit made for telephone service CLASSIFICATION

Answer rating: 100% (QA)

Accounts Classification 1 Equity Drawings are withdrawals made by the owner from the business for hi... View the full answer