Identify each of the following items as: (a) an asset,
(b) a liability,
(c) revenue,
(d) an expense, or
(e) a dividend:
1. Amounts due from customers
2. Amounts owed to suppliers
3. Cash on hand
4. Cash paid to stockholders
5. Cash sales
6. Equipment
7. Note payable owed to the bank
8. Rent paid for the month
9. Sales commissions paid to salespersons
10. Wages paid to employees

1. An asset.

2. A liability.

3. An asset.

4. A dividend.

5. Revenue.

6. An asset.

7. A liability.

8. An expense.

9. An expense.

10. An expense.

Explanation:

1. Amounts due from customers: an asset. It should be recorded on the balance sheet as account receivable.

2. Amounts owed to suppliers: a liability. It should be recorded on the balance sheet as account payable.

3. Cash on hand: an asset. It should be recorded on the balance sheet as account receivable.

4. Cash paid to stockholders: a dividend. It should be recorded on the statement of retained earnings.

5. Cash sales: revenue. It should be recorded on an income statement.

6. Equipment: an asset. It should be recorded on the balance sheet as account receivable.

7. Note payable owed to the bank: a liability. It should be recorded on the balance sheet as account payable.

8. Rent paid for the month: an expense. It should be recorded as an expense on the income statement.

9. Sales commissions paid to salespersons: an expense. It should be recorded as an expense on the income statement.

10. Wages paid to employees: an expense. It should be recorded as an expense on the income statement.

its simple as this, microeconomics is the study of economics at an individual, group or company level, macroeconomics on the other hand, is the study of a national economy as a whole.

hope it =^-^=