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Balance sheet Problem : A. Identify the criteria of the following items (Assets, Liabilities or Owner...

Balance sheet Problem :

A. Identify the criteria of the following items (Assets, Liabilities or Owner Equity): Create Balance Sheet from Following items

1) Notes payable 22,400

2) Inventory 55,000

3) Account receivable 9,600

4) Capital 72,000

5) Account payable 43,200

6) Building, Land and Equipment 96,000

7) Short Term Loan or Short term debt 5,000

8) Office supplies 12,000

9) Retained earnings 34,800

10) Cash 4,800

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Answer #1
1) Notes payable 22,400 Liabilities
2) Inventory 55,000 Assets
3) Account receivable 9,600 Assets
4) Capital 72,000 Owner Equity
5) Account payable 43,200 Liabilities
6) Building, Land and Equipment 96,000 Assets
7) Short Term Loan or Short term debt 5,000 Liabilities
8) Office supplies 12,000 Assets
9) Retained earnings 34,800 Owner equity
10) Cash 4,800 Assets
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