Below are some of the accounts of MM Ltd: 1. Share capital 2. Accounts payable 3. Cash

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Below are some of the accounts of MM Ltd:

1. Share capital

2. Accounts payable

3. Cash and cash equivalents

4. Inventory

5. Borrowings

6. Provision for employee entitlements (current portion)

7. Wages payable

8. Equipment

9. Prepayments

10. Retained profits

State whether each would be classified as an asset, a liability or shareholders’ equity.

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Financial Accounting An Integrated Approach

ISBN: 9780170411028

7th Edition

Authors: Ken Trotman, Elizabeth Carson

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Question Posted: Aug 19, 2023 04:36 AM

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Below are some of the accounts of MM Ltd: 1. Share capital 2. Accounts payable 3. Cash

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heres the classification for each account Share capital Shareholders equity Accoun...View the full answer

Financial Accounting An Integrated Approach

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