Office supplies acct is an account that you book as payables and a offfice supplies expense account is a Liability Account on your Chart of accounts
asset equity
asset equity
asset liability
sales revenue is owner's equity
Office supplies acct is an account that you book as payables and a offfice supplies expense account is a Liability Account on your Chart of accounts
equity
asset equity
asset equity
The loan is considered a liability - The value of the company is the equity.
asset liability
sales revenue is owner's equity
Profit is a part of owner's equity and actually increase the owner's equity that's why shown under owner's equity heading in liability side of balance shee.Owner's Equity xxxxadd:profit xxxx
As owners equity is likely to be paid back only at the closure of business entity, this is considered as special liability, the special being " liability to be paid at the end".
Equity.
Owner equity is liability for business falls under liability or equity side while debters are current assets of business and fall under current assets.
Share holder equity is liability for business which is refundable at dissolution of business