Question

Classify each as an ASSET, LIABILITY, or OWNERS EQUITY:

1. Accounts payable
2. Land
3. Materials
4. Owner’s capital investment
5. Finished goods for sale

Answer 1

the answers are

1. Liability

2. Liability

3. Asset

4. Owner's equity

5. Asset

Answer 2

1. Liability

2. Asset

3. Asset

4. Owner's equity

5. Asset

I took this graded assignment and it is correct :) hope I could help!