Indicate whether each of the following items is an asset (A), liability (L), or part of owners
equity (OE).
a. Accounts receivable d. Supplies
b. Salaries and wages payable e. Owners capital
c. Equipment f. Notes payable
BE1.6 (LO 3) Classify each of the following items as owners drawings (D), revenue (R), or expense (E).
a. Advertising expense e. Owners drawings
b. Service revenue f. Rent revenue
c. Insurance expense g. Utilities expense
d. Salaries and wages expense