Identification of Transactions Indicate whether the following financial statement elements are reported in the balance sheet, income statement, or statement of changes in owners’ equity:

a. Sales revenue.

b. Accrued liabilities.

c. Salary expense.

d. Merchandise for sale to customers.

. Owners’ investment.
. Rent expense.
. Retained earnings.
. Interest expense on outstanding debt.
. Net income.
. Dividends paid to owners.