Asked by Jenna
Please check my answers.
Identify each of the following as either assets, liabilities, or owner's equity.
1. Petty cash- Owner's Equity
2. Mortgage payable- Liabilities
3. Furniture- Assets
4. Owner's Capital- Owner's Equity
5. Food inventory- Assets
6. Profit- Owner's Equity
Identify each of the following as either assets, liabilities, or owner's equity.
1. Petty cash- Owner's Equity
2. Mortgage payable- Liabilities
3. Furniture- Assets
4. Owner's Capital- Owner's Equity
5. Food inventory- Assets
6. Profit- Owner's Equity
Answers
Answered by
Ms. Sue
I disagree with your answers for 1 and 6.
http://www.investorwords.com/3566/owners_equity.html
http://www.investorwords.com/3566/owners_equity.html