Asked by Gaspar Francisco on May 16, 2024
Verified
Indicate whether each of the following accounts represents an asset, liability, or owner's equity:
(a)Accounts Payable
(b)Wages Expense
(c)Capital
(d)Accounts Receivable
(e)Withdrawal
(f)Land
Owner's Equity
The residual interest in the assets of a company after deducting its liabilities, representing the ownership's claim on assets.
Liabilities
Financial obligations or debts that a company or an individual owes to others.
Asset
An asset is a resource with economic value that an individual, corporation, or country owns or controls with the expectation that it will provide future benefit.
- Prepare basic financial statements, including income statements, balance sheets, and statements of owner's equity.
Verified Answer
(b)owner's equity
(c)owner's equity
(d)asset
(e)owner's equity
(f)asset
Learning Objectives
- Prepare basic financial statements, including income statements, balance sheets, and statements of owner's equity.
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