this exercise will give you practice in classifying items on financial statements 609763

Purpose: (L.O. 8) This exercise will give you practice in classifying items on financial statements

1. Cash Don't use plagiarized sources. Get Your Custom Essay on this exercise will give you practice in classifying items on financial statements 609763 Get an essay WRITTEN FOR YOU, Plagiarism free, and by an EXPERT! Just from $10/Page Order Essay	21. Commission revenue
2. Accounts payable	22. Insurance expense
3. Equipment	23. Rent expense
4. Utilities expense	24. Rent revenue
5. Common stock	25. Interest expense
6. Salaries and wages payable	26. Interest revenue
7. Salaries and wages expense	27. Interest income
8. Advertising expense	28. Office supplies expense
9. Advertising payable	29. Audit fees incurred
10. Office supplies	30. Service revenue
11. Note payable	31. Legal fees earned
12. Note receivable	32. Legal fees incurred
13. Dividends	33. Prepaid insurance
14. Fees earned	34. Property tax expense
15. Fees incurred	35. Mortgage payable
16. Telephone expense	36. Loan receivable
17. Cleaning supplies on hand	37. Bank loan payable
18. Property taxes payable	38. Royalty revenue
19. Cleaning expense	39. Royalty expense
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.

A	Asset on the balance sheet
L	Liability on the balance sheet
SE	Stockholders’ equity balance on the balance sheet
D	Dividends on the retained earnings statement
R	Revenue on the income statement
E	Expense on the income statement