Classify Each of These Items as an Asset (A), Liability

question 11

Essay

Classify each of these items as an asset (A), liability (L), or shareholders' equity (SE).
Please review the following information:

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Definitions:

Preceding January

The January that occurred immediately before the current date or specified event.

Retail Store

A business establishment that sells goods and services directly to consumers, typically at a markup from wholesale prices.

Interest

The fee for borrowing funds or the reward for lending them, often stated as a percentage of the initial sum.

Furniture

Movable objects intended to support various human activities such as seating, eating, and sleeping.