Classification of Financial Statement Elements Indicate for each of the following items whether it...

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Classification of Financial Statement Elements

Indicate for each of the following items whether it would appear on a balance sheet (BS) or an income statement (IS). If a balance sheet item, is it an asset (A), a liability (L), or an owners’ equity item (OE)?

1. Accounts Payable

2. Sales Revenue

3. Accounts Receivable

4. Advertising Expense

5. Cash

6. Supplies

7. Consulting Revenue

8. Land

9. Capital Stock

10. Rent Expense

11. Equipment

12. Interest Receivable

13. Mortgage Payable

14. Notes Payable

15. Buildings

16. Salaries & Wages Expense

17. Retained Earnings

18. Utilities Expense

Robert · Accepted Answer

Classification of Financial Statement Elements 
Indicate for each of the following items whether it would appear on a balance sheet (BS) or an 
income statement (IS). If a balance sheet item, is it an asset (A), a liability (L), or an owners’ equity 
item (OE)?
Items Appear in 
1.

Classification of Financial Statement Elements Indicate for each of the following items whether it would appear on a balance sheet (BS) or an income statement (IS). If a balance sheet item, is it an...

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