Define the terms assets, liabilities, and owner’s equity.

What is the basic accounting equation?

a. Define the terms assets, liabilities, and owner’s equity.
b. What items affect owner’s equity?

Which of the following items are liabilities of Siebers Jewelry
Stores?
a. Cash.
b. Accounts payable.
c. Owner’s drawings.
d. Accounts receivable.
e. Supplies.
f. Equipment.
g. Salaries and wages payable.
h. Service revenue.
i. Rent expense.