Question

ark each of the items in the following list with letters to indicate whether it would be listed as an Asset, Liability or Equity item on the balance sheet or Revenue or Expense item on the income statement.a.Accounts Receivableb. Sales c.Equipmentd. Supplies Expensee. Cashf.Accounts Payableg.Retained Earningsh. Revenuei.Contributed Capitalj.Cost of Goods Soldk.Notes Payablel.Selling and Administrative Expenses

Answer 1

Answer: These could be categorized as follows :-

Explanation:

a. Accounts receivable = Asset in balance sheet

b. Sales  = Revenue in income statement

c. Equipment = Asset in balance sheet

d. Supplies expense =  Expense in income statement

e. Cash = Asset in balance sheet

f. Accounts payable = Liability in balance sheet

g. Retained Earnings =  Equity in balance sheet

h.  Revenue = Revenue in income statement

i. Contributed Capital =  Equity in balance sheet

j. .Cost of Goods Sold = Expense in income statement

k. Notes Payable =  Liability in balance sheet

l. Selling and Administrative Expenses = Expense in income statement