Question

Each of the following accounts would find its balance reported on either the income statement or balance sheet Required: For each account, indicate which of these financial statements the account's balance should be reported on. In addition, if the account's balance should be found on the balance sheet, further indicate if it is found in the asset, liability, or owners' equity section. There is only one possible answer for each account. Example: Cash = Balance Sheet-asset Utilities Expense Choose... Retained Earnings Choose... Deferred Revenue Choose... Supplies Expense Choose... Accounts Receivable Choose... Supplies Choose... Notes Payable Choose... Service Revenue Choose... Salaries Expense Choose... Prepaid Insurance Choose... Prepaid Rent Choose... Common Stock Choose... Accounts Payable Choose... Equipment Choose... Rent Expense Choose...

Answer 1

Utilities expense	Income Statement
Retained Earnings	Balance Sheet-Owner's Equity
Deferred Revenue	Balance Sheet-Liability
Supplies expense	Income Statement
Accounts Receivable	Balance Sheet-Asset
Supplies	Balance Sheet-Asset
Notes payable	Balance Sheet-Liability
Service Revenue	Income Statement
Salaries expense	Income Statement
Prepaid Insurance	Balance Sheet-Asset
Prepaid Rent	Balance Sheet-Asset
Common Stock	Balance Sheet-Owner's Equity
Accounts Payable	Balance Sheet-Liability
Equipment	Balance Sheet-Asset
Rent expense	Income Statement