The following items and amounts were taken from Blossom Company's 2017 income statement and balance sheet. $ 88,000 Cash Retained earnings 122,500 Cost of goods sold 436,300 Salaries and wages expense 117,000 Prepaid insurance 8,100 Inventory 64,300 Accounts receivable 90,500 Sales revenue 581,700 Notes payable 6,300 Accounts payable 55,500 Service revenue 5,500 Interest expense 1,830 In each case, identify whether the item is an asset, liability, stockholders' equity, revenue, or expense item.
The following items and amounts were taken from Blossom Company's 2017 income statement and balance sheet. $ 88,000 Cash Retained earnings 122,500 Cost of goods sold 436,300 Salaries and wages expense 117,000 Prepaid insurance 8,100 Inventory 64,300 Accounts receivable 90,500 Sales revenue 581,700 Notes payable 6,300 Accounts payable 55,500 Service revenue 5,500 Interest expense 1,830 In each case, identify whether the item is an asset, liability, stockholders' equity, revenue, or expense item.
Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 15EA: The following select account data is taken from the records of Reese Industries for 2019. A. Use the...
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