ACC $301$ Elements of Financial Statements Exercise

For each of the following items determine

$$ Which financial statement element it is

Asset, Liability, Equity, Revenue, Expense, Gain or Loss

$$ Whether it will appear in the balance sheet or income statement

Item Financial

Statement Element

Balance Sheet$/$

Income Statement

Accounts Receivable

Advances to Employees

Bonds Payable

Cash

Common Stock

Cost of Goods Sold

Equipment

Gain on Sale of Equipment

Interest Expense

Interest Income

Interest Payable

Interest Receivable

Inventory

Investment in Bonds

Loss on Extinguishment of Debt

Paid$-$in Capital in Excess of Par

Patents

Prepaid Rent

Rent Received in Advance

Retained Earnings

Salary Expense

Sales

Supplies on Hand