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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. Danny Reacher, Drawing 5. Fees Earned 6. Supplies 7. Unearned Rent 8. Utilities Expense 9. Wages Expense 10. Wages Payable

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Financial Accounting

14th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781305088436

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BuyFindarrow_forward

Financial Accounting

14th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781305088436
Chapter 4, Problem 1E
Textbook Problem
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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. 1. Accounts Payable
  2. 2. Accounts Receivable
  3. 3. Cash
  4. 4. Danny Reacher, Drawing
  5. 5. Fees Earned
  6. 6. Supplies
  7. 7. Unearned Rent
  8. 8. Utilities Expense
  9. 9. Wages Expense
  10. 10. Wages Payable

To determine

Indicate whether each account would flow into the income statement, statement of owners’ equity or balance sheet.

Explanation of Solution

Financial Statement: It refers to the complete record of the financial transactions of the Company. It provides financial information to its users.

The four types of financial statements are as follows:

  1. 1. Income statement: The financial statement which reports revenues and expenses from business operations and the result of those operations as net income or net loss for a particular time period is referred to as income statement.
  2. 2. Statement of owners’ equity: This statement reports the beginning owner’s equity and all the changes, which led to ending owners’ equity. Additional capital, net income from income statement is added to and drawings is deducted from beginning owner’s equity to arrive at the end result, ending owner’s equity.
  3. 3. Balance sheet: This financial statement reports a company’s resources (assets) and claims of creditors (liabilities) and stockholders (stockholders’ equity) over those resources. The resources of the company are assets, which include money contributed by stockholders and creditors. Hence, the main elements of the balance sheet are assets, liabilities, and stockholders’ equity.
  4. 4. Statement of cash flows: This statement reports all the cash transactions that are responsible for inflow and outflow of cash, and result of these transactions is reported as ending balance of cash at the end of reported period.

Reasons for identification / effect of accounts

  1. 1. Accounts payable is a liability account...

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Chapter 4 Solutions

Financial Accounting
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