Diehl Cleaners has the following balance sheet items. Accounts payable ........ Accounts receivable Cash ............. Notes payable Equipment .......... Salaries and wages payable Supplies ........... Owners capital Instructions Classify each item as an asset, liability, or owners equity.
Chapter 1, Exercises #5
Diehl Cleaners has the following balance sheet items.
Accounts payable ........ Accounts receivable
Cash ............. Notes payable
Equipment .......... Salaries and wages payable
Supplies ........... Owner’s capital
Instructions
Classify each item as an asset, liability, or owner’s 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...
Accounts payable ........ Accounts receivable
Cash ............. Notes payable
Equipment .......... Salaries and wages payable
Supplies ........... Owner’s capital
Instructions
Classify each item as an asset, liability, or owner’s 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...
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Related Book For 
Accounting Principles
12th edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
ISBN: 978-1118875056