The following list of accounts is from the adjusted trial balance for Swirsky Corporation: Accounts payable Accounts

Question:

The following list of accounts is from the adjusted trial balance for Swirsky Corporation:

Accounts payable

Accounts receivable

Accumulated depreciation

Administrative expenses

Buildings

Cash

Common shares

Equipment

Income tax expense

Interest expense

Interest payable

Land

Merchandise inventory

Mortgage payable

Prepaid insurance

Property tax payable

Salaries payable

Sales

Sales discounts

Sales returns and allowances

Unearned revenue

Instructions

For each account, identify whether it should be reported on the statement of financial position or income statement. Also specify where the account should be classified. For example, Accounts Payable would be classified under current liabilities on the statement of financial position.

Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...