Question

Identify the financial statement​ (or statements) that each account would appear on. Use I for Income​ Statement, RE for Statement of Retained​ Earnings, B for Balance​ Sheet, and C for Statement of Cash Flows. ​(If a box is not used in the​ table, leave the box​ empty; do not select a​ label.)
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

Answer 1

Answer:

a. Accounts Payable: B

b. Cash: B

c. Common stock: B.

d. Account Receivables: B

e. Rent expenses: I

f. Service revenue: I

g. Office supplies: B

h. Dividends: RE

i. Land: B

j. Salaries Expenses: I

Explanation:

a. Accounts Payable: I

It is recorded in the Liability part to showed amount owed to suppliers.

b. Cash: B

It is recorded in the Current Asset part to show amount of cash on hand and in bank.

c. Common stock: B

It is recorded in the Owner Equity part to show Owner's capital contribution

d. Account Receivables: B

It is recorded in the Asset part to show amount owed from customers.

e. Rent expenses: I

It is recorded in the expenses part of income statement.

f. Service revenue: I

It is recorded in the revenue part of income statement.

g. Office supplies: B

It is recorded in the current asset part of the Balance Sheet statement to show how much office supplies is not consumed/ fully consumed.

h. Dividends: RE

It is recorded in the Statement of Retained Earnings to show dividend paid out in the reporting period.

i. Land: B

It is recorded in the Non-current Asset part of the balance sheet to show Book value of land possession.

j. Salaries Expenses: I

It is recorded in the expenses part of income statement.