Exercise 2-3 (Algo) Identifying and classifying accounts LO C1 Identify the item that best completes each of the descriptions below. a A(n). b. A(n) is a record of increases and decreases in a specific asset, liability, equity, revenue, or expense item is a resource owned or controlled by a company c. The owner's claim on a company's assets is called, d A(n). is an obligation of the company to transfer assets to others are people and organizations that are entitled to receive payments from a company account accounts receivable asset creditors equity