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Keeping the Fundamental Accounting Equation in mind (Assets = Liabilities + Equity) , categorize the items below into the proper category to create a simple
Keeping the Fundamental Accounting Equation in mind (Assets = Liabilities + Equity), categorize the items below into the proper category to create a simple balance sheet. (Left side Assets with amounts and Right side Liabilities & Equity with amounts). Please provide the balance sheet in its entirety, not just the answer to the equation. Both sides totals must be equal.
Equipment | 200,000 |
Accounts Payable | 75,000 |
Cash | 80,000 |
Loans Payable | 210,000 |
Buildings | 340,000 |
Retained Earnings | 700,000 |
Land | 135,000 |
Accounts Receivable | 150,000 |
Inventory | 80,000 |
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