Required Indicate whether each of the following is an asset (A), liability (L), or a shareholders ' equity (E) item 1 Accounts payable 2 Accounts receivable 3 Bank loan 4 Cash 5 Equipment 6 Insurance expense 7 Loan payable 8 Prepaid insurance 9 Rent expense 10 Repair revenue 11 Share capital 12 Tru...

Required: Indicate whether each of the following is an asset (A), liability (L), or a shareholders' equity

Question:

Required: Indicate whether each of the following is an asset (A), liability (L), or a shareholders' equity (E) item.
1. Bank loan
4. Cash
5. Equipment
6. Insurance expense
7. Loan payable
8. Prepaid insurance
9. Rent expense
10. Repair revenue
11. Share capital
12. Truck operating expense
13. Unused office supplies
14. Dividends
Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...