The correctly balanced equation for the combustion of liquid ethanol (C₂H₅OH) with oxygen gas (O₂) is:

C₂H₅OH(l) + 3O₂(g) → 2CO₂(g) + 3H₂O(g)

Here's how the equation is balanced:

* Carbon (C): There are 2 carbon atoms on each side of the equation.

* Hydrogen (H): There are 6 hydrogen atoms on each side.

* Oxygen (O): There are 7 oxygen atoms on each side.

This equation shows that one molecule of ethanol reacts with three molecules of oxygen to produce two molecules of carbon dioxide and three molecules of water. This reaction releases heat and light energy, making it a combustion reaction.