From the following list of selected accounts taken from the records of Schmidt Clinic, identify those that would appear on the balance sheet.
A) Common Stock
B) Service Revenue
C) Land
D) Salaries and Wages Expense
E) Notes Payable
F)Accounts Payable
G)Cash
H) Advertising Expense
I) Supplies
J) Utilities Expense

Question

From the following list of selected accounts taken from the records of Schmidt Clinic, identify those that would appear on the balance sheet.
A) Common Stock
B) Service Revenue
C) Land 
D) Salaries and Wages Expense 
E) Notes Payable 
F)Accounts Payable
G)Cash
H) Advertising Expense
I) Supplies
J) Utilities Expense

Quizplus · Accepted Answer

The balance sheet includes assets, liabilities, and equity accounts. Common Stock (A) is an equity account, Land (C) is an asset, Notes Payable (E) and Accounts Payable (F) are liabilities, Cash (G) is an asset, and Supplies (I) is an asset. The other options are income statement accounts.

From the Following List of Selected Accounts Taken from the Records