Flow of Accounts into Financial Statements The balances for the accounts that follow appear in the Adjusted Trial Balance columns of the end-of-period spreadsheet. Indicate whether each account would flow into the income statement, statement of owner's equity, or balance sheet. 1. Accounts Payable 2. Accounts Receivable 3. Cash 4. Dividends 5. Fees Earned 6. Supplies 7. Un earned Rent 8. Utilities Expense 9. Wages Expense 10. Wages Payable

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Business

Madalyn

28 July, 08:49

Flow of Accounts into Financial Statements The balances for the accounts that follow appear in the Adjusted Trial Balance columns of the end-of-period spreadsheet. Indicate whether each account would flow into the income statement, statement of owner's equity, or balance sheet. 1. Accounts Payable 2. Accounts Receivable 3. Cash 4. Dividends 5. Fees Earned 6. Supplies 7. Un earned Rent 8. Utilities Expense 9. Wages Expense 10. Wages Payable

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Layne Galloway · Answer 1

The classification is as follows

1. Accounts Payable = Balance sheet on the current liabilities side

2. Accounts Receivable = Balance sheet on the current asset side

3. Cash = Balance sheet on the current asset side

4. Dividends = Statement of owners equity on the retained earning statement

5. Fees Earned = Income statement on the credit side of the income statement

6. Supplies = Balance sheet on the current asset side

7. Unearned Rent = Balance sheet on the current liabilities side

8. Utilities Expense = Income statement on the debit side of the income statement

9. Wages Expense = Income statement on the debit side of the income statement

10. Wages Payable = Balance sheet on the current liabilities side