Accumulated Depreciation and Service Fees Earned would be sorted to which respective columns in completing a work sheet?
A) Balance Sheet and Statement of Owner's Equity-Debit and Balance Sheet and Statement of Owner's Equity-Credit.
B) Balance Sheet and Statement of Owner's Equity-Debit and Income Statement-Debit.
C) Income Statement-Debit and Income Statement-Credit.
D) Balance Sheet and Statement of Owner's Equity-Debit; and Income Statement-Credit.
E) Balance Sheet and Statement of Owner's Equity-Credit and Income Statement-Credit.

Question

Quizplus · Accepted Answer

Accumulated Depreciation is a contra asset account and appears on the Balance Sheet as a credit. Service Fees Earned is a revenue account and appears on the Income Statement as a credit.

Accumulated Depreciation and Service Fees Earned Would Be Sorted to Which