Identify whether each account would appear on the Balance Sheet or the Income Statement.

Question

Cash

-

Office Supplies

-

Service Revenue

-

Advertising Expense

-

Interest Payable

-

Utilities Expense

-

Answer 1

Here’s how each account is categorized:

1. Cash - Balance Sheet
2. Office Supplies - Balance Sheet
3. Service Revenue - Income Statement
4. Advertising Expense - Income Statement
5. Interest Payable - Balance Sheet
6. Utilities Expense - Income Statement

In summary:

• Balance Sheet: Cash, Office Supplies, Interest Payable
• Income Statement: Service Revenue, Advertising Expense, Utilities Expense