The balances for the accounts that follow appear in the Adjusted Trial Balance columns of the end-of-period spreadsheet. Indicate whether each account would flow into the income statement, statement of owner’s equity, or balance sheet.
1. Accounts Payable
2. Depreciation Expense
3. Nat Hager, Capital (beginning of period)
4. Office Equipment
5. Rent Revenue
6. Supplies Expense
7. Unearned Rent
8. Wages Payable
Answer:
1. Balance sheet
2. Income statement
3. Statement of owner’s equity
4. Balance sheet
5. Income statement
6. Income statement
7. Balance sheet
8. Balance sheet