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Homework answers / question archive / Select the financial statement (balance sheet or income statement) in which each account would appear

Select the financial statement (balance sheet or income statement) in which each account would appear

Accounting

Select the financial statement (balance sheet or income statement) in which each account would appear. 1. Wages Payable: Balance Sheet 2. Rent Expense: Income Statement > 3. Sales: Income Statement > 4. Cash: [Select 5. Income Tax Payable: [Select 6. Inventory: Select) ? 7. Notes Payable: [Select] c. 8. Operating Expenses: Select] 9. Accounts Receivable: Select 10. Income Tax Expenses: [Select!

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S No Item Type of financial statement Explanation
1 Wages payable Balance sheet Wages payable is a liability and hence will appear on the liabilities and equity side
2 Rent expense Income statement Expenses are shown in the income statement under expenses
3 Sales Income statement Revenues are shown in the income statement
4 Cash Balance sheet Cash is an asset shown in the assets side of the balance sheet
5 Income tax payable Balance sheet Income tax payable is a liability and hence will appear on the liabilities and equity side
6 Inventory Balance sheet Inventory is an asset shown in the assets side of the balance sheet
7 Notes payable Balance sheet Notes payable is a liability and hence will appear on the liabilities and equity side
8 Operating expenses Income statement Operating expenses are shown in the income statement under expenses
9 Accounts receivable Balance sheet Accounts receivable is an asset shown in the assets side of the balance sheet
10 Income tax expense Income statement Income tax expense is shown in the income statement under expenses

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