Indicate whether each of the following accounts would be reported on the balance sheet (BS) or income

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Indicate whether each of the following accounts would be reported on the balance sheet (BS) or income statement (IS) of Home Repair Company. Further, if the account is reported on the balance sheet, indicate whether it would be classified with current assets (CA), noncurrent assets (NCA), current liabilities (CL), noncurrent liabilities (NCL), or stockholders€™ equity (SE). If the account is reported on the income statement, indicate whether it would be classified as revenue (R) or expense (E). Finally, for each account, indicate whether the company€™s accounting records would normally show a debit (dr ) or credit (cr ) balance.
Indicate whether each of the following accounts would be reported
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...
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Fundamentals of Financial Accounting

ISBN: 978-0078025914

5th edition

Authors: Fred Phillips, Robert Libby, Patricia Libby

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