Accounting Equation

Assets are

• Debt

• Anything of value

• The owner's value

• None of these

Accounts Payable

• Asset
• Liability
• Neither

Paying 6 months of insurance in advance is?

• Asset

• Liability

• Owner's Equity

Accounts Receivable is?

• Asset

• Liability

• Owner's Equity

Supplies are?

• Asset

• Liability

• Owner's Equity

Will Smith, Capital is

• Asset

• Liability

• Owner's Equity

Will Smith, Drawing is

• Asset

• Liability

• Owner's Equity

Sales are

• Asset

• Liability

• Owner's Equity

Expenses are

• Asset

• Liability

• Owner's Equity

When you owe money to someone else

• Accounts Payable

• Accounts Receivable