Classification of Financial Statement Elements Indicate for each of the following items whether it would appear on a balance sheet (BS) or an income statement (IS). If a balance sheet item, is it an asset (A), a liability (L), or an owners’ equity item (OE)?

1 Accounts Payable 2 Sales Revenue 3 Accounts Receivable 4 Advertising Expense 5 Cash 6 Supplies 7 Consulting Revenue 8 Land 9 Capital Stock 10 Rent Expense 11 Equipment 12 Interest Receivable 13 Mortgage Payable 14 Notes Payable 15 Buildings 16 Salaries & Wages Expense 17 Retained Earnings 18 Utilities Expense