Answer:
See below
Explanation:
Assets, Liabilities, and Equity form the basis for preparing the balance sheet. They make the accounting equation of Assets= Liabilities + Equity.
Assets are the valuables a business owns. They can be in the form of cash, money in the banks, financial instruments, properties, machines, or motor vehicles.
Assets will be
Liabilities are what the business owes to third parties and supplies. Liabilities are usually in the monetary form, such as loans, rent, and accounts payable.
Liabilities
Equity is the owner's contribution to the business. They include capital and retained earnings.
Equity
- retained owners
- personal investment earnings,
