Question

The accounts listed on the next page appear on the worksheet of Santo’s Craft Store. Indicate the section of the classified income statement in which each account will be reported.
SECTIONS OF CLASSIFIED INCOME STATEMENT
a. Operating Revenue
b. Cost of Goods Sold
c. Operating Expenses
d. Other Income
e. Other Expenses
ACCOUNTS
1. Purchases Returns and Allowances
2. Telephone Expense
3. Sales Returns and Allowances
4. Purchases
5. Interest Income
6. Merchandise Inventory
7. Interest Expense
8. Sales
9. Depreciation Expense—Store Equipment
10. Rent Expense



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  • CreatedAugust 08, 2014
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