Elements of the financial statements. The following accounts and balances were taken from the financial statements of Quality Products Inc. For each item, identify the financial statement(s) on which the item would appear. Then, identify each balance sheet item as an asset, a liability, or a shareholders' equity account. (LO 3)

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Equipment $231,300 Accounts receivable 52,300 Cash 57,890 Short-term notes payable 23,200