Bailey Cleaners has the following balance sheet items. Accounts payable ........Accounts receivable Cash ...........Notes payable Equipment ..........Salaries

Question:

Bailey Cleaners has the following balance sheet items.

Accounts payable ........Accounts receivable

Cash ...........Notes payable

Equipment ..........Salaries and wages payable

Supplies ...........Common stock

Instructions

Classify each item as an asset, liability, or stockholders’ equity.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...