Classify the items listed (1 to 6) under the following balance sheet headings: A - Assets L

Question:

Classify the items listed (1 to 6) under the following headings:
A - Assets
L - Liabilities
SE - Shareholders’ equity
1. ....... Cash
2. ....... Common stock
3. ....... Equipment
4. ....... Notes payable
5. ....... Retained earnings
6. ....... Accounts receivable

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...