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    Balance Sheets and Income Statements : Assets, Liabilities and Owner's Equity

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    Indicate for each of the following items whether it would appear on a balance sheet (BS) or an income statement (IS). If a balance sheet item, is it an asset (A), a liability (L), or an owners' equity item (OE)?

    1. Accounts Payable
    2. Sales Revenue
    3. Accounts Receivable
    4. Advertising Expense
    5. Cash
    6. Supplies
    7. Consulting Revenue
    8. Land
    9. Capital Stock
    10. Rent Expense
    11. Equipment
    12. Interest Receivable
    13. Mortgage Payable
    14. Notes Payable
    15. Buildings
    16. Salaries & Wages Expense
    17. Retained Earnings
    18. Utilities Expense

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    Solution Summary

    Items are identified on balance sheets and income statements as assets, liabilities and owner's equity.