Purpose: (L.O. 8) This exercise will give you practice in classifying items on financial statements
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21. Commission revenue |
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2. Accounts payable |
22. Insurance expense |
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3. Equipment |
23. Rent expense |
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4. Utilities expense |
24. Rent revenue |
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5. Common stock |
25. Interest expense |
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6. Salaries and wages payable |
26. Interest revenue |
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7. Salaries and wages expense |
27. Interest income |
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8. Advertising expense |
28. Office supplies expense |
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9. Advertising payable |
29. Audit fees incurred |
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10. Office supplies |
30. Service revenue |
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11. Note payable |
31. Legal fees earned |
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12. Note receivable |
32. Legal fees incurred |
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13. Dividends |
33. Prepaid insurance |
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14. Fees earned |
34. Property tax expense |
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15. Fees incurred |
35. Mortgage payable |
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16. Telephone expense |
36. Loan receivable |
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17. Cleaning supplies on hand |
37. Bank loan payable |
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18. Property taxes payable |
38. Royalty revenue |
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19. Cleaning expense |
39. Royalty expense |
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20. Commission expense |
40. Medical supplies |
Instructions
Indicate how each of the above should be classified on a set of financial statements. Use the following abbreviations to communicate your responses.
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A |
Asset on the balance sheet |
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L |
Liability on the balance sheet |
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SE |
Stockholders’ equity balance on the balance sheet |
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D |
Dividends on the retained earnings statement |
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R |
Revenue on the income statement |
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E |
Expense on the income statement |
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