Question

In: Accounting

Which of the following accounts does not appear on the balancesheet?a) Cashb) Accounts...

Which of the following accounts does not appear on the balance sheet?

a) Cash

b) Accounts Receivable

c) Owner's withdrawal

d) Accounts payable

e) None of the above

Solutions

Expert Solution

Balance sheet represents a position of assets & liabilities at a given time(generally at the end of a particular accounting period).

(a) Cash is current assets and shown on balance sheet under current assets heading on assets side.

(b) accounts receivable is also a current assets and shown on balance sheet under current assets heading on assets side.

(c) owner's withdrawl amount does not appear on balance sheet as only owner capital has shown after adjusting owner withdrawl.

(d) accounts payable is a current liability account and shown on balance sheet under current liability heading on liability side.

so option (c) should be the right answer.

ekkarill92 answered 2 years ago
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