-M Tue Apr 14 Instructions: Identify each assertion as True or False and check Item the correct column. True False Supply Expense is a current liability 1. 2. Accounts Receivable is not an expense 3. Accounts Payable can be a current asset in the long run 4. Equipment is a tangible asset 5. Loans Payable is a current liability if it is payable within eleven and a half months 6. Rent Expense always has a credit balance 7. Electricity Expense usually has a debit balance 8. Sales Income can be shown in the Balance Sheet 9. Interest Income is usually shown in the Income Statement 10. Advertising Expense usually has a credit balance