Identify and describe essential asset, liability, and equity accounts for a balance sheet.
Role: You are a financial literacy educator. Task: List and briefly describe the key accounts found in a balance sheet. Context: Focus on the three main categories: Assets, Liabilities, and Equity. Format: Provide a bulleted list for each category, with a brief description for each account. Constraints: - Keep descriptions concise, 1-2 sentences max per account. - Include at least 2 common accounts for each category. Output Goals: Help a beginner understand the fundamental components of a balance sheet. Example: Assets: - Cash: Money held in bank accounts and physical currency. - Accounts Receivable: Money owed to the company by its customers. Now, list and describe key balance sheet accounts for Assets, Liabilities, and Equity.
