The balances for the accounts listed below appear in the Adjusted Trial Balance columns of the end-of-period

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The balances for the accounts listed below appear in the Adjusted Trial Balance columns of the end-of-period spreadsheet (work sheet). Indicate whether each balance should be extended to
(a) An Income Statement column or
(b) A Balance Sheet column.
1. Accounts Payable
2. Accounts Receivable
3. Beth Posey, Capital
4. Beth Posey, Drawing
5. Fees Earned
6. Supplies
7. Unearned Fees
8. Utilities Expense
9. Wages Expense
10. Wages Payable

Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...
Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Accounting

ISBN: 978-0324401844

22nd Edition

Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac

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