Meredith Cleaners has the following balancesheet items. AccountsPayable Accounts

Question

Meredith Cleaners has the following balancesheet items.

AccountsPayable                                                      Accounts Receivable
Cash                                                                             Notes Payable
CleaningEquipment                                                   Salaries Payable
CleaningSupplies                                                       Karin Meredith, Capital

Instructions:
Classify each item as an asset, liability, or owner's equity.

Please show all work, Thank You

Explanation / Answer

AccountsPayable               Liabilities                                  AccountsReceivable            Assets
Cash                                  Assets                                       NotesPayable                     Liabilities
CleaningEquipment            Assets                                       SalariesPayable                  Liabilities
CleaningSupplies               Assets                                       Karin Meredith, Capital      Owner'sequity

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