Question

From the following list of selected items taken from the records of Bobcat Appliance Service as of a specific date, identify those that would appear on the balance sheet and those that would appear on the income statement:1. Accounts Receivable2. Cash3. Common Stock4. Fees Earned5. Land6. Supplies7. Supplies Expense8. Utilities Expense9. Wages Expense10. Wages Payable

Answer 1

Answer:

Balance sheet:

Accounts receivable

Cash

Common stock

Land

Supplies

Wages payable

Income statement:

Fees earned

Supplies expense

Utilities expense

Wages expense

Explanation:

Accounts receivable, cash, land, and supplies are assets while wages payable is a liability while common stock is owner's equity, all of which are balance sheet items.

Besides, fees earned are a revenue item while utilities , suplplies  and wages expenses would appear in the income statement.