Identify the item that best completes each of the descriptions below. 1. Asset 2. Equity 3. Account 4. Liability a. Balance sheet accounts are arranged into 5. Three general categories. b. The owner's claim on a company's assets is called. c. Accounts Payable and Notes Payable are examples of accounts. d. Accounts Receivable, Prepaid Accounts, Supplies, and Land are examples of e. A(n) expense item. accounts. is a record of increases and decreases in a specific asset, liability, equity, revenue, or Exercise 2-3 Identifying and classify accounts C1