Question

General Mills is a manufacturer of food products, such as Lucky Charms cereal, Pillsbury crescent rolls, and Green Giant vegetables. The following items were presented in the company's financial statements. ny's financiare For each item, select (1) the type of account and (2) whether it is reported on the income statement (1/S) or balance sheet (B/S). (1) Type (2) Statement Item 1. Accounts Payable 2. Common Stock 3. Equipment 4. Accounts Receivable 5. Notes Payable 6. Cash 7. Retained Earnings 8. Office Expenses 9. Sales Revenue 10. Supplies

Answer 1

	Item	(1) Type	(2) Statement
1	Accounts Payable	Liability	B/S
2	Common Stock	Stockholders equity	B/S
3	Equipment	Asset	B/S
4	Accounts Receivable	Asset	B/S
5	Notes Payable	Liability	B/S
6	Cash	Asset	B/S
7	Retained Earnings	Stockholders equity	B/S
8	Office Expenses	Expense	I/S
9	Sales Revenue	Revenue	I/S
10	Supplies	Asset	B/S

.

Asset items, Liability items, and Stockholder's equity items shall be presented on the balance sheet.

Expense items, revenue items shall be presented on the income statement.