Question

A company uses the following pairs of accounts for its financial statements:
• Sales and Accounts receivable
• Interest payable and Interest expense
• Supplies expense and Supplies
• Inventory and Cost of sales
• Salaries payable and Salaries expense
• Income tax expense and Income tax payable
Required:
For each pair of accounts, identify which account would be reported on the balance sheet and which would be reported on the income statement. For each balance sheet account, identify its classification. For each income statement account, identify which subtotal(s) of income would be affected by the account.


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  • CreatedJuly 16, 2015
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