The following accounts are available for Haubstadt Shoe Works:
Accounts Payable
Accounts Receivable
Accumulated Depreciation (Equipment)
Cash
Common Stock
Cost of Goods Sold
Depreciation Expense (Equipment)
Equipment
Utilities Expense
Interest Expense
Inventory
Notes Payable
Retained Earnings
Sales Revenue
Advertising Expense
Required:
Using a table like the one below, indicate whether each account normally has a debit or credit balance and indicate on which of the financial statements (income statement, retained earnings statement, or balance sheet) each account appears.
Account DebitCredit Financial Statement