Response to the following problem:
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 vendors
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.