CH 3 Indicate whether the following items is real or nominal and whether it appears in the income statement or balance sheet.
¡Supera tus tareas y exámenes ahora con Quizwiz!
Supplies
A asset (real) that appears in the balance sheet
equipment
A long term asset (PP&E). appears in the balance sheet
service revenue
A nominal account that will be closed. Appears in the income statement.
salaries and wages expense
A nominal account that will be closed. appears in the income statement.
inventory
Is a current asset (real). Appears in the balance sheet
Prepaid rent
Is a current asset (real). Appears in the balance sheet.
salaries and wages payable
Is a current liability (real). Appears in the balance sheet
accumulated depreciation
a contra asset to equipment (real). Appears in the balance sheet
