Identify characteristics of specific accounts. Asset Company Owns? Y or N Liabilities Company Pays to Someone Else? Y or N Effect on Owner's Equity: Increase, Decrease, or NA Equation Element: Asset, Liability, Owner's Equity, Revenue, or Expense Account Cash Y N NA asset Accounts Payable Utilities Expense Owner's Drawings Rent Expense Supplies Salaries and Wages Payable Prepaid Insurance Taxes Payable Service Revenue