Exercise $2$ LO $2\mathrm{.}110$ pts $2$ pts ea

Identify the item that best completes each of the descriptions below.

Description

$1.$ Balance sheet accounts are arranged into $\_\_\_\_\_\_\_\_\_\_\_$ general categories.

$2.$ The owner's claim on a company's assets is called$\_\_\_\_\_\_\_\_\_.$

$3.$ Accounts Payable and Notes Payable are examples of $\_\_\_\_\_\_\_\_\_\_\_$ accounts.

$4.$ Accounts Receivable, Prepaid Accounts, Supplies, and Land are examples of $\_\_\_\_\_\_\_\_\_$ accounts

$5.$ A$($n$)\_\_\_\_\_\_\_\_\_\_\_\_$ is a record of increases and decreases in a specific asset, liability, equity, revenue, or expense item.

$1$ Three

$2$ Equity

$3$ Liability

$4$ Asset

$5$