The accounts listed below appear on the worksheet of Heritage Crafts. Indicate the section of the classified
Question:
classified income statement in which each account will be reported.
SECTIONS OF CLASSIFIED INCOME STATEMENT
a. Operating Revenue
b. Cost of Goods Sold
c. Operating Expenses
d. Other Income
e. Other Expenses
ACCOUNTS
1. Purchases Returns and Allowances
2. Telephone Expense
3. Sales Returns and Allowances
4. Purchases
5. Interest Income
6. Merchandise Inventory
7. Interest Expense
8. Sales
9. Depreciation Expense-Store Equipment
10. Rent Expense
11. Sales Discounts
12. Supplies Expense
13. Freight In
14. Purchases Discounts
15. Uncollectible Accounts Expense
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Related Book For
College Accounting A Contemporary Approach
ISBN: 978-0077639730
4th edition
Authors: David Haddock, John Price, Michael Farina
Question Posted:
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