How well do you know Assets, Liabilities & Equity?
1. Is “Common Stock” an Asset, a Liability or an Equity account?
2. Is “Dividends Payable” an Asset, a Liability or an Equity account?
3. Is “Inventory” an Asset, a Liability or an Equity account?
4. Is “Prepaid Expenses” an Asset, a Liability or an Equity account?
5. Is “Additional Paid-In Capital” an Asset, a Liability or an Equity account?
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