Indicate whether the following items would appear on the income statement (IS), balance sheet (BS), or owners equity statement (OE). a. Notes payable b. Advertising expense c. Owners capital d. Cash e. Service revenue

Chapter 1, Brief Exercises #11

Indicate whether the following items would appear on the income statement (IS), balance sheet (BS), or owner’s equity statement (OE).

a. Notes payable

b. Advertising expense

c. Owner’s capital

d. Cash

e. Service revenue

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...