Objective: This activity has the purpose of helping students explain the meaning of assets, liabilities, and stockholders' equity and state the basic accounting equation. Student Instructions: (a) Classify each of the following accounts as an asset (A), liability (L) stockholders' equity (SE),revenue (R), or expense (E) item. (b) Classifty each of the following accounts as a financing activity (F), investing activity (), or operating activity (O). If you believe a particular account doesn't fit in any of these activities, explain why. The Clear View Golf &Country Club details the following accounts in its financial statements Accounts payable Accounts receivable Equipment Sales revenue Service revenue nventory Mortgage payable Supplies expense Rent expense Salaries and wages expense