Question

From the provided list of account titles, please say which financial statement the account is associated with. It will either be the Income Statement, Balace Sheet, or Statement of Retained Earnings. In other words, please match each account title to the correct financial statement. Thanks!

Answer 1

Answer

• General Concept:

--Income Statement contains following nature of accounts:

Revenues, Expenses, contra revenues.

--Balance Sheet contains following nature of accounts:
Assets, Liabilities, Equities, Contra asset, contra liabilities, contra equity.

--Statement of Retained earnings includes, balance of retained earnings, Net Income, Dividends.

• Answers

Accounts title	Shown in following Financial Statements
Accounts Payable	Balance Sheet
Accounts receivables	Balance Sheet
Accumulated Depreciation - Building	Balance Sheet
Accumulated Depreciation - Office Equipment	Balance Sheet
Accumulated Depreciation - Store Fixtures	Balance Sheet
Administrative salaries expense	Income Statement
Advertising expense	Income Statement
Allowance for DA	Balance Sheet
Beginning Retaine earnings	Statement of Retained Earnings
Building	Balance Sheet
Cash	Balance Sheet
Common Stock	Balance Sheet
Cost of Goods Sold	Income Statement
Credit Card Revenues	Income Statement
Depreciation expense - Building	Income Statement
Depreciation expense - Office Equioment	Income Statement
Depreciation expense - Store Equipment	Income Statement
Dividends on Common shares	Statement of Retained Earnings
Employer taxes payable	Balance Sheet
Frieght expense	Income Statement
Gain on sale of equipment	Income Statement
Insurance expense	Income Statement
Interest expense	Income Statement
Interest Payable	Balance Sheet
Inventory	Balance Sheet
Land	Balance Sheet
Mortgage payable	Balance Sheet
Notes Payable	Balance Sheet