Chapter 1 The Role of Accounting in Business E1-12 Financial statement items Identify each of the following items as (a) an asset, (b) a liability, (c) revenue, (d) an ex- pense, or (e) a dividend: 1. Amounts due from customers 6. Equipment 2. Amounts owed suppliers 7. Note payable owed to the bank 3. Cash on hand 8. Rent paid for the month 4. Cash paid to stockholders 9. Sales commissions paid to salespersons 5. Cash sales 10. Wages paid to employees