Classify Each of These Items as an Asset (A) Liability $\underline{\quad\quad}$

question 88

Essay

Classify each of these items as an asset (A) liability (L) or owner's equity (OE). $\underline{\quad\quad}$ 1. Accounts receivable
$\underline{\quad\quad}$ 2. Accounts payable
$\underline{\quad\quad}$ 3. Owner's Capital
$\underline{\quad\quad}$ 4. Supplies
$\underline{\quad\quad}$ 5. Utilities expense
$\underline{\quad\quad}$ 6. Cash
$\underline{\quad\quad}$ 7. Notes payable
$\underline{\quad\quad}$ 8. Equipment

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Definitions:

Spot Rate

The ongoing market rate at which a certain currency is available for buying or selling for immediate dispatch.

Unbiased Forward Rate

Theoretically, a forward rate in the currencies market that is equal to the spot rate adjusted for interest rate differentials, without any prediction of future direction.

Forward Rate

The agreed-upon price for a financial transaction that will occur at a future date, often used in the context of foreign exchange or interest rates.

Spot Rate

The current market price of a currency, security, or commodity available for immediate settlement.