For Each of the Following Accounts,indicate Whether the Account Is

question 107

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For each of the following accounts,indicate whether the account is an asset (A),liability (L),or stockholders' equity (SE)and whether the account usually has a debit (Dr)or credit (Cr)balance. $\begin{array}{l}\begin{array}{l}\text { 1. Inventory } \\\text { 2. Accounts receivable } \\\text { 3. Contributed Capital } \\\text { 4. Prepaid expenses } \\\text { 5. Wages payable } \\\text { 6. Property and equipment } \\\text { 7. Retained Earnings } \\\text { 8. Accounts payable }\end{array}\begin{array}{rl}\mathrm{SE}, \mathrm{Cr} & 7 \\\mathrm{A}, \mathrm{Dr} & 1 \\\mathrm{SE}, \mathrm{Cr} &3 \\\mathrm{~L}, \mathrm{Cr} & 8 \\\mathrm{~A}, \mathrm{Dr} & 2 \\\mathrm{~A}, \mathrm{Dr} & 6 \\\mathrm{~L}, \mathrm{Cr} & 5 \\\mathrm{~A}, \mathrm{Dr} & 4\end{array}\end{array}$

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