The accounts listed on the next page appear on the worksheet of Santos Craft Store. Indicate the
Question:
The accounts listed on the next page appear on the worksheet of Santo’s Craft Store. Indicate the section of the 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
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Related Book For
College Accounting A Contemporary Approach
ISBN: 978-0077639730
3rd edition
Authors: David Haddock, John Price, Michael Farina
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