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Sort each item into assets or debts

Exercise and reference answers

Left
Asset
Items
  1. Item
    Cash
    Answer
    Asset
  2. Item
    Accounts payable
    Answer
    Liability
  3. Item
    Notes payable
    Answer
    Liability
  4. Item
    Inventory
    Answer
    Asset
  5. Item
    Accrued expenses
    Answer
    Liability
  6. Item
    Bakery equipment
    Answer
    Asset
  7. Item
    Notes receivable
    Answer
    Asset
  8. Item
    Taxes payable
    Answer
    Liability
Right
Liability
Instructions
Swipe left for something the firm owns, right for something the firm owes.

Explanation

_Source: OpenStax Introduction to Business, section 14.4 The Balance Sheet_
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