Classify each of these items as an asset (A), liability (L), or owners equity (OE).

_____ 1. Accounts receivable

_____ 2. Accounts payable

_____ 3. Owners Capital

_____ 4. Supplies

_____ 5. Utilities expense

_____ 6. Cash

_____ 7. Notes payable

_____ 8. Equipment

______9. Service revenue

______10. Salaries payable

______11. Machinery

_____ 12. Prepaid expenses

Required: Classify each of these items as an asset (A), liability (L), or owners equity (OE)