These accounts are from the Adjusted Trial Balance columns in a company's 10-column work sheet. In the

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These accounts are from the Adjusted Trial Balance columns in a company's 10-column work sheet. In the blank space beside each account, write the letter of the appropriate financial statement column to which a normal account balance should be extended.
A. Debit column for the income statement.
B. Credit column for the income statement.
C. Debit column for the balance sheet and statement of changes in equity.
D. Credit column for the balance sheet and statement of changes in equity.
_____ 1 Roberta Jefferson, withdrawals
_____ 2 Interest earned
_____ 3 Accumulated depreciation, machinery
_____ 4 Service fees revenue
_____ 5 Accounts receivable
_____
6 Rent expense
_____ 7 Depreciation expense, machinery
_____ 8 Accounts payable 9. Cash
_____ 9 Office supplies
_____ 10 Roberta Jefferson, capital
_____ 11 Wages payable
_____ 12 Machinery
_____ 13 Insurance expense
_____ 14 Interest expense
_____ 15 Interest receivable
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...
Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...
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...
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Fundamental Accounting Principles

ISBN: 978-0071051507

Volume I, 14th Canadian Edition

Authors: Larson Kermit, Tilly Jensen

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