Question

Consider the following accounts:

a. Accounts Payable

b. Cash

c. Common Stock

d. Accounts Receivable

e. Rent Expense

f. Service Revenue

g. Office Supplies

h. Dividends

i. Land

j. Salaries Expense

Identify the financial statement (or statements) that each account would appear on. Use I for Income Statement, RE for Statement of Retained Earnings, and B for Balance Sheet.

Answer 1

a. Accounts Payable - B

b. Cash - B

c. Common Stock - B

d. Accounts Receivable - B

e. Rent Expense - I

f. Service Revenue - I

g. Office Supplies - I

h. Dividends - RE

i. Land - B

j. Salaries Expense - E

Step-by-step explanation:

Using I for Income Statement, RE for Statement of Retained Earnings, and B for Balance Sheet.

Income statements contains revenue and expenses.

Retained earnings reconciliation contains the net income summary and dividends paid.

Balance sheet records assets, owners equity and liabilities.