For each item, indicate (1) whether it is reported on the income statement (I/S) or balance sheet

Question:

For each item, indicate (1) whether it is reported on the income statement (I/S) or (B/S) and (2) the type of account (A = asset, L = liability, SE = stockholders €™ equity, R = revenue, E = expense).

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...