Strong CHapter z Recording Business Transactions Directed Reading Guide LOI, what is an account? a) In your own words, what is an account? i) Assets: List some examples of assets. (CASH), (Deposits) and (laventories Liabilities: List some examples of liabilities( Warranty Liability), Salaries Payable and Customer deposits ii) iii) Equity: List the four equity accounts. b) In your own words, what is a chart of accounts? c) In your own words, what is a ledger