Posted by Jenna on .
Please check my answers.
Identify each of the following as either assets, liabilities, or owner's equity.
1. Petty cash- Owner's Equity
2. Mortgage payable- Liabilities
3. Furniture- Assets
4. Owner's Capital- Owner's Equity
5. Food inventory- Assets
6. Profit- Owner's Equity
I disagree with your answers for 1 and 6.