Question
Use the following terms to indicate the correct account for each transaction. (1 Mark each= 12 Marks) S Sales CGS Cost of Goods Sold OE
Use the following terms to indicate the correct account for each transaction. (1 Mark each= 12 Marks)
S Sales CGS Cost of Goods Sold OE Operating Expense ORE Other Revenue and Expense N Not reported on the income statement
_____a. rent expense _____b. depreciation expense on administrative furniture _____c. insurance expense _____d. selling investments at a loss _____e. collections from customers _____f. restructuring expense _____g. loss from a fire _____h. the cost of inventory provided to customers _____ i. executive salaries _____ j. advertising expense _____k. owe for employee bonuses _____l. supplies on hand
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