In preparing a work sheet, indicate the financial statement Debit column to which a normal balance in

Question:

In preparing a work sheet, indicate the financial statement Debit column to which a normal balance in the following accounts should be extended. Use IS for the Income Statement Debit column and BS for the and Statement of Owner’s Equity Debit column.
________ a. Insurance expense
________ b. Equipment
________ c. Owner, Withdrawals
________ d. Depreciation expense—Equipment
________ e. Prepaid rent
________ f. Accounts receivable

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...