Account Identification and Credit Balance
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Using the format provided, for each account identify: (a) whether the account would be reported on a balance sheet (B/S), on an income statement (I/S), or on neither statement (N); (b) whether it is an asset (A), liability (L), owners' equity (OE), a revenue (R), or an expense (E); and (c) whether the account has a debit or a credit balance. An example is provided.
(a) (b) (c)
Account Title B/S, I/S, or N A, L, OE, R, or E Debit or Credit
Cash B/S A Debit
Sales Revenue ? ? ?
Dividends ? ? ?
Cost of Goods Sold ? ? ?
Utilities Expense ? ? ?
Notes Payable ? ? ?
Accounts Receivable ? ? ?
Capital Stock ? ? ?
Supplies ? ? ?
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Solution Summary
An Excel sheet showing how to show how the account would be reported, whether it's an asset, and whether it is in debit or credit balance.
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