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Unformatted text preview: marked as assets because these are all resources the business would own. Accounts receivable, notes payable, and salaries payable are all liabilities because they are all moneys that are owed to either employees, banks for barrowed monies, or creditors in general. These are also called obligations which creditors can legally force liquidation in order to retain the business debts. Cleaning supplies and common stock I have listed as stock holders equity because it is neither assets nor liabilities therefore it would be considered stock holders equity. This is because Assets Liabilities = Stock Holders Equity....
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This note was uploaded on 10/28/2011 for the course BEH 225 taught by Professor Mrking during the Spring '09 term at University of Phoenix.
- Spring '09