Matching Financial Statement Items to Financial Statement Categories LO1-1 Mark each item in the following list as an asset (A), liability (L), or shareholders’ equity (SE) item that would appear on the statement of financial position or a revenue (R) or expense (E) that would appear on the statement of earnings.

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(1) Retained earnings (2) Accounts receivable (3) Sales revenue (4) Property and equipment (5) Cost of sales (6) Inventories (7) Interest expense (8) Accounts payable (9) Land