Look at the Sample Balance Sheet

2. Define 5 of the 7 assets. In terms of accounts receivable what is a doubtful account?
a) Cash - The current asset account which includes currency, coins, checking accounts, and un-deposited checks received from customers.
b) Petty Cash - Represents an amount of cash for making small disbursements for postage due, supplies.
c) Temporary Investments - Contains amount of investments that can and will be sold in the future.
d) Accounts Receivable - A combined amount of the debit balance in the current asset account and the credit balance in the contra asst account. The difference is the approximation of the amount received into cash.
e) Inventory - Current asset whose ending balance should report the cost awaiting to be sold.

3. Look at each section (assets, liabilities, equity) in detail.
Assets is things that the company owns, and the resources that the company have been acquired though transactions and future economic value.
Liabilities are obligations of the company, the owe amounts creditors for a past transaction and have the world "payable" in their account title.
Equity can be thought of a source of the company's assets. It is sometimes referred as the book value of the company. It is equal to the reported asset amounts minus the liability amounts.
The groups under assets and liability.

ASSETS
Cash
Petty Cash
Temporary Investments
Accounts Receivable
Inventory
Supplies
Prepaid Insurance

It's there because it is how much cash you have or used in to.

LIABILITIES
Notes Payable
Accounts Payable
Wages Payable
Interest Payable
Taxes Payable
Warranty Liability

It is the cash that you must pay for.

4. Where are earnings shown on the balance sheet? What do earnings represent in terms of equity?
It is under Stockholders' Equity, the term Retained Earnings.