QUESTION 1 Classify each of these items as an asset (A), liability (L), or owner's equity (OE). 1. Accounts receivable 2. Accounts payable 3. Owner's Capital 4. Supplies 5. Utilities expense 6. Cash 7. Notes payable 8. Equipment 9. Supplies 10. Owner's Drawings 11 Buildings 12 Notes Payable 13. Salaries and Wages Payable QUESTION 2 Identify the impact on the accounting equation of each of the following transactions. 1. Purchase office supplies on account. 2. Paid secretary weekly salary. 3. Purchased office furniture for cash. Received monthly utility bill to be paid at later time. 5. Received cash from customers for services provided. 6. Paid accounts payable by cash. 4