(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