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