For the items listed , select the appropriate code letter whether the item is :
-Loan Payable
A) Asset (A)
B) Liability(L)
C) Equity item (E)

Name: For the items listed , select the appropriate code letter whether the item is : -Loan Payable A) Asset (A) B) Liability(L) C) Equity item (E)
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Question

Quizplus · Accepted Answer

Loan payable is classified as a liability because it represents an amount the company owes to a lender or another party.

For the Items Listed , Select the Appropriate Code Letter