Identify the item that best completes each of the descriptions below.

1. Asset 

2. Equity 

3. Account 

4. Liability 

5. Three

a. Balance sheet accounts are arranged into general categories.

b. The owner’s claim on a company’s assets is called ______.

c. Accounts Payable and Notes Payable are examples of _______ accounts.

d. Accounts Receivable, Prepaid Accounts, Supplies, and Land are examples of _______ accounts.

e. A(n) ________ is a record of increases and decreases in a specific asset, liability, equity, revenue, or expense item.