Accounting Prelims Reviewer On Income Statement And bs

Question 1

Cash

Answer 1

B.S

Question 2

Accounts receivable

Answer 2

BS

Question 3

Allowance for bad debts

Answer 3

BS

Question 4

Notes receivable

Answer 4

BS

Question 5

Bad debt expense

Answer 5

IS

Question 6

Inventory

Answer 6

BS

Question 7

Prepaid supplies

Answer 7

BS

Question 8

Prepaid rent

Answer 8

BS

Question 9

Prepaid insurance

Answer 9

BS

Question 10

Land

Answer 10

Bs

Question 11

Building

Answer 11

Bs

Question 12

Accoumulated depreciation - building

Answer 12

Bs

Question 13

Equipment

Answer 13

Bs

Question 14

Accumulated depreciation equipment

Answer 14

Bs

Question 15

Accounts payable

Answer 15

Bs

Question 16

Unearned income

Answer 16

Bs

Question 17

Interest payable

Answer 17

Bs

Question 18

Salaries payable

Answer 18

Bs

Question 19

Utilities payable

Answer 19

Bs

Question 20

Owner’s capital

Answer 20

Bs

Question 21

Owner’s drawings

Answer 21

Bs- contra equity

Question 22

Service fees

Answer 22

Is

Question 23

Sales

Answer 23

Is

Question 24

Interest income

Answer 24

Is

Question 25

Gains

Answer 25

Is

Question 26

Cost of sales

Answer 26

Is

Question 27

Freight out

Answer 27

Is - expense

Question 28

Salaries expense

Answer 28

Is

Question 29

Rent expense

Answer 29

Is

Question 30

Utilities expense

Answer 30

Is

Question 31

Supplies expense

Answer 31

Is

Question 32

Bad debt expense

Answer 32

Is

Question 33

Depreciation expense

Answer 33

Is

Question 34

Advertising expense

Answer 34

Is

Question 35

Insurance expense

Answer 35

Is

Question 36

Taxes and licenses

Answer 36

IS - expense

Question 37

Transportation and travel expense

Answer 37

Is

Question 38

Interest expense

Answer 38

Is

Question 39

Miscellaneous expense

Answer 39

Is

Question 40

Losses

Answer 40

Expense