CH 3 Indicate whether the following items is real or nominal and whether it appears in the income statement or balance sheet.
Pataasin ang iyong marka sa homework at exams ngayon gamit ang 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
