Mark each of the accounts listed in the following table as follows: In column (1

Question

Mark each of the accounts listed in the following table as follows:

In column (1), indicate in which statement—income statement (IS) or balance sheet (BS)—the account belongs.

In column (2), indicate whether the account is a current asset (CA), current liability (CL), expense (E), fixed asset (FA), long-term debt (LTD), revenue (R), or stockholders’ equity (SE).

Account name

(1)
Statement

(2)
Type of account

Accounts payable

_______

_______

Accounts receivable

_______

_______

Accruals

_______

_______

Accumulated depreciation

_______

_______

Administrative expense

_______

_______

Buildings

_______

_______

Cash

_______

_______

Common stock (at par)

_______

_______

Cost of goods sold

_______

_______

Depreciation

_______

_______

Equipment

_______

_______

General expense

_______

_______

Interest expense

_______

_______

Inventories

_______

_______

Land

_______

_______

Long-term debts

_______

_______

Machinery

_______

_______

Marketable securities

_______

_______

Notes payable

_______

_______

Operating expense

_______

_______

Paid-in capital in excess of par

_______

_______

Preferred stock

_______

_______

Preferred stock dividends

_______

_______

Retained earnings

_______

_______

Sales revenue

_______

_______

Selling expense

_______

_______

Taxes

_______

_______

Vehicles

_______

_______

Account name

(1)
Statement

(2)
Type of account

Accounts payable

_______

_______

Accounts receivable

_______

_______

Accruals

_______

_______

Accumulated depreciation

_______

_______

Administrative expense

_______

_______

Buildings

_______

_______

Cash

_______

_______

Common stock (at par)

_______

_______

Cost of goods sold

_______

_______

Depreciation

_______

_______

Equipment

_______

_______

General expense

_______

_______

Interest expense

_______

_______

Inventories

_______

_______

Land

_______

_______

Long-term debts

_______

_______

Machinery

_______

_______

Marketable securities

_______

_______

Notes payable

_______

_______

Operating expense

_______

_______

Paid-in capital in excess of par

_______

_______

Preferred stock

_______

_______

Preferred stock dividends

_______

_______

Retained earnings

_______

_______

Sales revenue

_______

_______

Selling expense

_______

_______

Taxes

_______

_______

Vehicles

_______

_______

Explanation / Answer

Account name (1) (2) Statement Type of account Accounts payable BS CL Accounts receivable BS CA Accruals BS CL (ASSUMING ACCRUED EXPENSES PAYABLE) Accumulated depreciation BS FA Administrative expense IS E Buildings BS FA Cash BS CA Common stock (at par) BS SE Cost of goods sold IS E Depreciation IS E Equipment BS FA General expense IS E Interest expense IS E Inventories BS CA Land BS FA Long-term debts BS LTD Machinery BS FA Marketable securities BS CA Notes payable BS LTD (ASSUMING LONG TERM NOTE ) Operating expense IS E Paid-in capital in excess of par BS SE Preferred stock BS SE Preferred stock dividends BS SE Retained earnings BS SE Sales revenue IS R Selling expense IS E Taxes IS E (Assuming Tax expenses) Vehicles BS FA

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