00:01
So, here we have to recognize the given term is related to asset liability or part of owner's equity.
00:10
Now, starting from the a part which is given as accounts receivable and this is a asset.
00:18
Now, let's talk about what is asset.
00:22
Asset is something that a company owns that has value and it can include cash, accounts receivable, inventory and equipment.
00:38
So, this is account receivable is related to the asset.
00:42
Now, moving to the next part and here it is given salaries and wages payable and this is the liability for an organization.
00:52
Now, what is liability? we can say that liability is something that is owed to another person or company.
01:08
Examples of liabilities include accounts payable, loans, taxes owed.
01:15
Now, moving to the c part and here given it is equipment and we know that equipment is that thing which company owes...