General Mills is a manufacturer of food products, such as Lucky Charms cereal, Pillsbury crescent rolls, and

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General Mills is a manufacturer of food products, such as Lucky Charms cereal, Pillsbury crescent rolls, and Green Giant vegetables. The following items were presented in the company's financial statements. For each item, indicate: (1) the type of account (A = asset, L = liability, SE = stockholders' equity, R = revenue, E = expense), and (2) whether it is reported on the income statement (I/S) or balance sheet (B/S).
1. Accounts Payable
2.
Contributed Capital
3. Equipment
4. Accounts Receivable
5.
Notes Payable
6. Cash
7. Retained Earnings
8. Selling and Administrative Expenses
9. Sales Revenue
10. Supplies
Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...
Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Related Book For  answer-question

Fundamentals of Financial Accounting

ISBN: 978-0078025372

4th edition

Authors: Fred Phillips, Robert Libby, Patricia Libby

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