Question

Diehl Cleaners has the following balance sheet items Classify each item as an asset, liability or owner's equity. Accounts payable . Cash Equipment Supplies Accounts receivable Notes payable Salaries and wages payable Owner's capital eTextbook and Media

Answer 1

The balance sheet items are classified into assets, liabilities, and owner's equity.

Step-by-step explanation:

Based on the information provided, let's classify each item as an asset, liability, or owner's equity:

• Assets: Cash, Equipment, Supplies, Accounts receivable, eTextbook and Media
• Liabilities: Accounts payable, Notes payable, Salaries and wages payable
• Owner's Equity: Owner's capital

Assets are things of value that a company owns that can be used to produce something. Liabilities are debts or things that the company owes. Owner's Equity represents the owner's investment in the business.