Consider Wal-Mart, a large retailer. Classify the following items as an Asset (A), a Liability (L), or Stockholders’ Equity (S) for Wal-Mart:
a . _____ Accounts payable
b. _____ Common stock
c. _____ Supplies
d. _____ Retained earnings
e. _____ Land
f. _____ Prepaid expenses
g. ____ Accounts receivable
h. ____ Long-term debt
i. ____ Merchandise inventory
j. ____ Notes payable
k. ____ Accrued expenses payable
l. ____ Equipment