Presented below are financial statement items for Contanzos City (a sole trader) for the period ended 30

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Presented below are financial statement items for Contanzos City (a sole trader) for the period ended 30 June 2013. Determine which items should appear in the income statement and which items should appear in the balance sheet.
a. Cash.................................................. $90 000
b. Accounts receivable ............................... 10 000
c. Service revenue .................................... 24 000
d. Advertising expense ...............................8 000
e. Accounts payable ...................................6 000
f. Expenses owing .....................................3 600
g. Rent expense ........................................2 200
h. Internet expense ..................................... 600
i. Petrol expense ........................................5 600
j. Insurance expense ................................. 800
k. Equipment........................................... 120 000 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...
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Accounting Business Reporting For Decision Making

ISBN: 9780730302414

4th Edition

Authors: Jacqueline Birt, Keryn Chalmers, Albie Brooks, Suzanne Byrne, Judy Oliver

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