Given the following account balances for Garry’s Tree Service, complete the foll

Question

Given the following account balances for Garry’s Tree Service, complete the following chart by indicating in the far right column in which financial statement the accounts would be located: Balance sheet (BS), Income statement (IS), or Statement of retained earnings (RE).

Account

Amount

Financial Statement

Cash

$17,000

Supplies

1,000

Accounts Payable

7,000

Retained earnings

32,910

Wage Expense

2,000

Machinery

18,350

Wages Payable

3,600

Service Revenue

21,000

Land

8,000

Rent Expense

11,500

Unearned Revenue

1,500

Accumulated Depreciation – Machinery

7,340

Prepaid Rent

12,200

Dividends

3,300

Account

Amount

Financial Statement

Cash

$17,000

Supplies

1,000

Accounts Payable

7,000

Retained earnings

32,910

Wage Expense

2,000

Machinery

18,350

Wages Payable

3,600

Service Revenue

21,000

Land

8,000

Rent Expense

11,500

Unearned Revenue

1,500

Accumulated Depreciation – Machinery

7,340

Prepaid Rent

12,200

Dividends

3,300

Explanation / Answer

SOLUTION

Account Financial Statement Cash Balance sheet Supplies Income statement Accounts payable Balance sheet Retained Earnings Statement of retained earnings Wage Expense Income statement Machinery Balance sheet Wages payable Balance sheet Service revenue Income statement Land Balance sheet Rent Expense Income statement Unearned revenue Balance sheet Accumulated Depreciation – Machinery Balance sheet Prepaid rent Balance sheet Dividends Statement of retained earnings

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