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answer all please 1. Indicate whether these items are an asset, liability, or owner's equity account. 2. Use the accounting equation to answer the following
answer all please
1. Indicate whether these items are an asset, liability, or owner's equity account. 2. Use the accounting equation to answer the following questions. (1) Penny Sales Co. has total assets of $140,000 and total liabilities of $54,000. What is owner's equity? (2) The Virtual Sun Center has total assets of \$252,000 and owner's equity of $100,000. What are total liabilities? (3) Columbia River Restaurant has total liabilities of $50,000 and owner's equity of $80,000. What are total assets Step by Step Solution
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