The following is a list of accounts commonly seen in financial statements. Identify whether each account appears on the balance sheet as an asset, a liability, or an equity account, or whether it appears on the income statement as a revenue or an expense.

Accounts Payable

Property, Plant, and Equipment

Inventories

Long-Term Debt

Cost of Goods Sold

Retained Earnings

Research and Development

Prepaid Expense

Common Stock

Accounts Receivable