1) Basic concepts. Jean’s Marine Supply specializes in the sale of boating equipment and acces-sories. Identify the items that supervene as an asset (A), obligation (L), return (R), or payment (E) from the firm’s viewpoint. The list of boating produce owned by the corporation. (A) Monthly rental account hired coercion supply immeasurableness. (L) A advance proper to Citizens Bank. (L) New computer equipment purchased to manipulate daily proceedings care. (A) Daily sales made to customers. (R) Amounts imputable from customers. (R) Land owned by the corporation to be used as a forthcoming supply aspect. (A) Weekly salaries hired to salespeople. (E)
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