Indicate for each of the following items whether it would appear on a balance sheet (BS) or an income statement (IS) If a balance sheet item, is it an asset (A), a liability (L), or an owners equity item (OE) 1 Accounts Payable 2 Sales Revenue 3 Accounts Receivable 4 Advertising Expense 5 Cash 6 Su...

Indicate for each of the following items whether it would appear on a balance sheet (BS) or

Question:

Indicate for each of the following items whether it would appear on a (BS) or an income statement (IS). If a item, is it an asset (A), a liability (L), or an owners’ equity item (OE)?
1. Accounts Payable
2. Sales Revenue
3. Accounts Receivable
4. Advertising Expense
5. Cash
6. Supplies
7. Consulting Revenue
8. Land
9. Capital Stock
10. Rent Expense
11. Equipment
12. Interest Receivable
13. Mortgage Payable
14. Notes Payable
15. Buildings
16. Salaries & Wages Expense
17. Retained Earnings
18. Utilities Expense

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...