(Learning Objective 1: Explain accounting language)
Consider Wal-Mart, a large retailer. Classify the following items as an Asset (A), a Liability (L), or Stockholders' Equity (S) for Wal-Mart:
a. Accounts payable
b. Common stock
c. Supplies
d. Retained earnings
e. Land
f. Prepaid expenses
g. Accounts receivable
h. Long-term debt
i. Merchandise inventory
j. Notes payable
k. Accrued expenses payable
l. Equipment