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    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 ? ? ?

    © BrainMass Inc. brainmass.com June 3, 2020, 7:25 pm ad1c9bdddf
    https://brainmass.com/business/accounting/account-identification-credit-balance-97831

    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.

    $2.19

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