Diehl Cleaners has the following balance sheet items. Accounts payable ........ Accounts receivable Cash ............. Notes payable

Question:

Diehl Cleaners has the following 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...