Listed below are accounts that may appear on either the balance sheet or the inc

Question

Listed below are accounts that may appear on either the balance sheet or the income statement. For each account, indicate whether a company would ordinarily disclose the account on the balance sheet or the income statement.

a) Equipment

b) Service Revenue

c) Retained Earnings

d) Salaries and Wages Expense

e) Patent

f) Cost of Goods Sold

g) Common Stock

h) Dividends Payable

i) Accumulated Depreciation

j) Prepaid Expense

k) Gain on Sale of Stock Investments

l) Rent Revenue

m) Supplies

n) Accounts Receivable

o) Land

p) Insurance Expense

q) Interest Payable

r) Unearned Revenue

Exercise 2-3 Listed below are accounts that may appear on either the balance sheet or the income statement. For each account, indicate whether a company would ordinarily disclose the account on the balance sheet or the income statement. a. Equipment b. Service Revenue c. Retained Earnings d. Salries and Wages Expense e. Patent f. Cost of Goods Sold 9 Common Stock h. Dividends Payable Accumulated Depreciation . Prepaid Expense k. Gain on Sale of Stock Investments I. Rent Revenue m. Supplies n. Accounts Receivable o. Land p. Insurance Expense Interest Payable r Unearned Revenue Click if you would like to Show Work for this question: Open Show Work

Explanation / Answer

Answers

Nature of account

Disclosed in

Assets

Balance Sheet

Contra Asset

Balance Sheet

Liabilities

Balance Sheet

Contra Liabilities

Balance Sheet

Equity

Balance Sheet

Revenues

Income Statement

Expenses

Income Statement

Questions

Nature of Account

Disclosed in [ANSWER]

a) Equipment

Asset

Balance Sheet

b) Service Revenue

Revenues

Income Statement

c) Retained Earnings

Equity

Balance Sheet

d) Salaries and Wages Expense

Expenses

Income Statement

e) Patent

Asset

Balance Sheet

f) Cost of Goods Sold

Expenses

Income Statement

g) Common Stock

Equity

Balance Sheet

h) Dividends Payable

Liabilities

Balance Sheet

i) Accumulated Depreciation

Contra Asset

Balance Sheet

j) Prepaid Expense

Asset

Balance Sheet

k) Gain on Sale of Stock Investments

Revenues

Income Statement

l) Rent Revenue

Revenues

Income Statement

m) Supplies

Asset

Balance Sheet

n) Accounts Receivable

Asset

Balance Sheet

o) Land

Asset

Balance Sheet

p) Insurance Expense

Expenses

Income Statement

q) Interest Payable

Liabilities

Balance Sheet

r) Unearned Revenue

Liabilities

Balance Sheet

Nature of account

Disclosed in

Assets

Balance Sheet

Contra Asset

Balance Sheet

Liabilities

Balance Sheet

Contra Liabilities

Balance Sheet

Equity

Balance Sheet

Revenues

Income Statement

Expenses

Income Statement

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