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Given the following entries from a TRIAL balance, what
entries would fall where in a Balance Sheet & an Income
Statement?
Accounts receivables
Merchandized inventory
stores supplies
office supplies
prepaid insurance
accumulated Dep
accounts payable
sales salaries
advertising expense
Miscellaneous expense
Office salaries expense
rent expense
Depreciation expense
Insurance expense
Bad debts expense
Allowance for doubtful debts
Supplies expense
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Answer Posted / balamurugan
Accounts receivables - Balance sheet (Assets)
Merchandized Inventory - Balance sheet (Assets)
stores supplies - Income Statement (Expense)
office supplies - Income Statement (Expense)
prepaid insurance - Balance sheet (Assets)
accumulated Dep - In accounting, Accumulated Depreciation
appears on the balance sheet in the
property, plant and equipment section PPE
is usually shown as At cost/valuation less
Accd Depn
accounts payable - Balance sheet (Liabilities)
sales salaries - Income Statement (Expense)
advertising expense - Income Statement (Expense)
Miscellaneous expense - Income Statement (Expense)
Office salaries expense - Income Statement (Expense)
rent expense - Income Statement (Expense)
Depreciation expense - Income Statement (Expense)
Insurance expense - Income Statement (Expense)
Bad debts expense - Income Statement (Expense)
Allowance for doubtful debts - Allowance for Doubtful
Accounts is a contra current
asset account associated with
Accounts Receivable. When the
credit balance of the
Allowance for Doubtful
Accounts is subtracted from
the debit balance in Accounts
Receivable the result is
known as the net realizable
value of the Accounts
Receivable.
Supplies expense - Income Statement (Expense)
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