Accounting Elements Label each of the following accounts as an Asset, a Liability, or Owner's equity. Item. Account Classification

Money in bank Cash

Office supplies Supplies

Money owed Accounts Payable

Office chairs Office Furniture

Net worth of owner John Smith, Capital

Money withdrawn by owner John Smith, Drawing

Money owed by customers Accounts Receivable

Accounting Elements Label each of the following accounts as an Asset, a Liability, or Owner's equity