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In: Accounting

The balances for the accounts listed below appeared in the Adjusted Trial Balance columns of the...

The balances for the accounts listed below appeared in the Adjusted Trial Balance columns of the work sheet. Indicate whether each balance should be extended to (a) the Income Statement columns or (b) the Balance Sheet columns.

  

  

(1)    Salaries Payable   _____ (7)    Kim Lee, Drawing   ____        

(2)    Fees Earned   ______ (8)    Equipment   ____        

(3)    Accounts Payable   _____ (9)    Accounts Receivable   ____        

(4)    Kim Lee, Capital   ______ (10)    Accumulated Depreciation   ____        

(5)    Supplies Expense   _____ (11)    Salary Expense   ____        

(6)    Unearned Rent   ______ (12)    Depreciation Expense   ____      

  

  

Indicate whether each of the following would be reported in the financial statements as a(n) (a) current asset, (b) current liability, (c) revenue, or (d) expense:

  

  

(1)    Supplies   _____ (5)    Supplies Expense   ____        

(2)    Unearned Fees   _____ (6)    Prepaid Insurance   ____        

(3)    Prepaid Advertising   _____ (7)    Accounts Payable   ____        

(4)    Advertising Expense   _____ (8)    Fees Earned   ____      

Solutions

Expert Solution

(1)    Salaries Payable   _balance sheet____ (7)    Kim Lee, Drawing   _balance sheet___        

(2)    Fees Earned   __income statement____ (8)    Equipment   _balance sheet___        

(3)    Accounts Payable   _balance sheet____ (9)    Accounts Receivable   __balance sheet__        

(4)    Kim Lee, Capital   ___balance sheet___ (10)    Accumulated Depreciation balance sheet____        

(5)    Supplies Expense   _income statement____ (11)    Salary Expense income statement____        

(6)    Unearned Rent   _balance sheet_____ (12)    Depreciation Expense   _income statement___     

(1)    Supplies current asset_____ (5)    Supplies Expense   __expense__        

(2)    Unearned Fees current liability _____ (6)    Prepaid Insurance   __current asset__        

(3)    Prepaid Advertising   __current asset___ (7)    Accounts Payable   _current liability___        

(4)    Advertising Expense   __expense___ (8)    Fees Earned   __revenue__

ekkarill92 answered 1 year ago
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