Q.1.2 Classify the following accounts under the headings Assets; Liabilities; Income; (10) Expenses or Equity. Indicate the correct answer with an 'X' in your answer booklet. Asset Liability Income Expense Equity Name of account Example: Equipment Rent Expense Capital Fixed Investment VAT (Output) Bank (Unfavourable) Telephone Interest on Mortgage Loan Salaries & Wages Commission Received Debtors Control