Accounting equation

Supplies is considered as:

• Assests

• Liabilities

• Owners equity

Notes payable is considered as Assets

• True

• False

Assets = Liabilities - Equity

• True

• False

The company repays the bank that had lent money

• Assets (I)
• Liabilities (D)
• Equity (D)

Drawings considered as:

Write the definition of the liabilities?

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