Tootsie Roll Industries manufactures and sells more than 64 million Tootsie Rolls and 20 mil-lion Tootsie Roll Pops each day. The following items were listed on Tootsie Roll’s recent income statement and balance sheet. 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 Receivable
2. Office Expenses
3. Cash
4. Equipment
5. Advertising Expense
6. Sales Revenue
7. Notes Payable
8. Retained Earnings
9. Accounts Payable

  • CreatedNovember 02, 2015
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