From the choices listed below you need to identify the one choice that matches the accounts that follow the choices. The combinations are typical balance (Debit or Credit) and the combination or single financial statement (Balance Sheet, Income Statement, and/or Statement of Owners' Equity. Remember that an account can appear on more than one financial statement.

Example:

Choice 1: Typical Balance: Credit Balance and Financial Statements: Balance Sheet

Choice 2: Typical Balance: Credit Balance and Financial Statements: Balance Sheet and Statement of Owners' Equity

Choice 3: Typical Balance: Credit Balance and Financial Statements: Statement of Owners' Equity

Choice 4: Typical Balance: Debit Balance and Financial Statements: Income Statement

For Dividends Distributable the choice would be Choice 2 from the list above because it can appear on both financial statements.

Following are the Choices for you to choose from to match:

1.

Typical Balance: Debit Balance

Financial Statements: Balance Sheet

2.

Typical Balance: Credit Balance

Financial Statements: Balance Sheet and Statement of Owners's Equity

3.

Typical Balance: Debt Balance

Financial Statements: Income Statement

4.

Typical Balance: Debt Balance

Financial Statements: Income Statement and Statement of Owners' Equity

5.

Typical Balance: Credit Balance

Financial Statements: Balance Sheet

6.

Typical Balance: Credit Balance

Financial Statements: Income Statement

7.

Typical Balance: Debt Balance

Financial Statements: Balance Sheet and Statement of Owners' Equity

8.

Typical Balance: Credit Balance

Financial Statements: Statement of Owners' Equity and Income Statement

a) notes payable

b) retained earnings

c) payroll tax expense