Concept explainers
Identifying accounts on the financial statements
Learning Objective 5
Consider the following accounts:
a. Accounts Payable
b. Cash
c. Owner, Capital
d.
e. Rent Expense
f. Service Revenue
g. Office Supplies
h. Owner, Withdrawals
i. Land
j. Salaries Expense
Identify the financial statement (or statements) that each account would appear on. Use I for Income Statement, OE for Statement of Owner's Equity, B for Balance Sheet, and C for Statement of
Use the following information to answer Short Exercises S1-12through S1 -14.
Centerpiece Arrangements has just completed operations for the year ended December 31,2018. This is the third year of operations for the company The following data have been assembled for the business:
Insurance Expense | $4,500 | Salaries Expense | $46,000 |
Service Revenue | 70,000 | Accounts Payable | 17,600 |
Utilities Expense | 1,400 | Office Supplies | 1,700 |
Rent Expense | 16,000 | Right, Withdrawals | 4,800 |
Right, Capital, Jan. 1,2018 | 9,000 | Accounts Receivable | 8,000 |
Cash | 7,200 | Equipment | 12,100 |
Owner contribution | 5,100 |
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