Consider Wal-Mart, the world's largest retailer. Classify the following items as an Asset (A), a Liability (L), or an Owners' Equity (E) for Wal-Mart (pp. 10-11):
___ 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. Expenses payable
___ l. Equipment