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Introduction to Financial Statements - Practice Problem 1 - What is it? For each of the following items, state whether it is an asset (A), liability (L), Owner's equity (O), revenue (R), or expense (E) 1. Computers 2. Amounts that customers owe the company 3. Land 4. Owe on account 5. Accrued expenses 6. Retained earnings _7. Trademarks 8. Cost of goods sold 9. Providing goods to customers 10. Salaries to employees 11. Equipment 12. Interest payable 13. Owe the bank 14.. Investments 15. Common stock 16. Advertising 17. Cash 18. Dividends paid 19. Items held to sell to customers 20. Providing services to customers 21. Prepaid insurance expense