Problem II: The Balance Sheet ( point each, 5 points possible)

Classify each item as: Asset, Liability, or Owners Equity. Then post the term on the correct Balance Sheet side: Left or Right Side, see below example. Note: in order to get full credit for each question the classification and balance sheet side must be correct

BALANCE SHEET

			Left Side	Right Side
Example:	Machinery		Asset
1.	Supplies	1.
2.	Amounts owed to creditors	2.		Liability
3.	Tools	3.	Asset
4.	Bank Loan	4.		Liability
5.	Office Equipment	5.	Asset
6.	Checking account balance	6.	Asset
7.	Amount due from customer	7.	Asset
8.	Owner investment in the company	8.	Owners Equity
9.	Furniture	9.	Asset
10.	Capital	10.	Owners Equity