Using the format provided, identify for each account: 1. Whether the account will appear on a balance

Question:

Using the format provided, identify for each account:

1. Whether the account will appear on a balance sheet (B/S), income statement (I/S), or neither (N)

2. Whether the account is an asset (A), liability (L), owners' equity (OE), revenue (R), expense (E), or other (O)

3. Whether the account is real or nominal

4. Whether the account will be "closed" or left "open" at year-end

5. Whether the account normally has a debit (Dr.) or a credit (Cr.) balance

Using the format provided, identify for each account: 1. Whether

(a) Unearned Rent Revenue
(b) Accounts Receivable
(c) Inventory
(d) Accounts Payable
(e) Prepaid Rent
(f) Mortgage Payable
(g) Sales
(h) Cost of Goods Sold
(i) Dividends
(j) Dividends Payable
(k) Interest Receivable
(l) Wages Expense
(m) Interest Revenue
(n) Supplies
(o) Accumulated Depreciation
(p) Retained Earnings
(q) Discount on Bonds Payable
(r) Goodwill
(s) Additional Paid-InCapital

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...