Asked by Alexandra Barrett on Jul 22, 2024
Verified
The balances for the accounts listed below appear in the Adjusted Trial Balance columns of the end-of-period spreadsheet
(work sheet). Indicate whether each balance would flow to
(a) the income statement,
(b) the statement of owner's equity, or
(c) the balance sheet.
1. Accounts Payable
2. Dobson, Drawing
3. Depreciation Expense
4. Accumulated Depreciation
5. Fees Earned
6. Unearned Fees
7. Supplies
8. Supplies Expense
Income Statement
A financial statement that reports a company's financial performance over a specific period, detailing revenues, expenses, and net income.
Statement Of Owner's Equity
A financial document showing the changes in the equity of a company during a specific period, through investments, withdrawals, and net income or loss.
Balance Sheet
A financial statement that summarizes an entity's assets, liabilities, and shareholders' equity at a specific point in time.
- Create rudimentary elements of monetary statements: profit statement, equity of owner statement, and financial balance report.
- Evaluate the need for adjusting certain accounts for financial reporting.
Verified Answer
2. Statement of owner's equity
3. Income statement
4. Balance sheet
5. Income statement
6. Balance sheet
7. Balance sheet
8. Income statement
Learning Objectives
- Create rudimentary elements of monetary statements: profit statement, equity of owner statement, and financial balance report.
- Evaluate the need for adjusting certain accounts for financial reporting.
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