S1-3. (Learning Objective 1, 2: Classifying assets, liabilities, and owners’ equity) Consider Carrefour, a large retailer. Classify the following items as Asset (A), Liability (L), or Shareholders’

Equity (S) for Carrefour:

a. ____ Accounts receivable g. ____ Accounts payable

b. ____ Long-term debt h. ____ Share capital

c. ____ Merchandise inventory i. ____ Supplies

d. ____ Notes payable j. ____ Retained earnings

e. ____ Expenses payable k. ____ Land

f. ____ Equipment l. ____ Prepaid expenses