Types of Accounts For each of the following accounts, indicate whether it is a balance sheet (BS)

Question:

Types of Accounts For each of the following accounts, indicate whether it is a (BS) account or an income statement (IS) account.
_________ Prepaid Insurance
_________ Sales Revenue
_________ Income Taxes Payable
_________ Accounts Receivable
_________ Utilities Expense
_________ Furniture and Fixtures
_________ Retained Earnings

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...