Mastery Problem: Introduction to Accounting and Business The Accounting Equation The foundation for the accounting system and the financial statements is the accounting equation. Select the terms that complete the accounting equation. Accounting Equation Assets Liabilities + Stockholders' Equity For each of the following items, indicate the element of the accounting equation to which it belongs: Assets, Liabilities or Stockholders' Equity. (Select "Yes" or "No" from the below dropdowns.) Assets Liabilities Stockholders' Equity Accounts Payable No Yes No Accounts Receivable Yes No No Auto Expense No No Yes Common Stock No No Yes Cash Yes No No Dividends No No Yes Fees Earned No No Yes Land Yes No No Miscellaneous Expense No No Yes Supplies Yes No No Supplies Expense No No Yes Wages Expense No No Yes