The following information is contained on either the balance sheet or income statement of Watertown Corp.:
?
Required:
a. In the "Financial Statement" column, indicate whether each item listed above belongs on Watertown's balance sheet or income statement. Use a "B" for balance sheet items and an "I" for income statement items.
b. In the "Type of Account" column, indicate whether each item listed is an asset (A), liability (
L), equity (E
Q), revenue (
R), or expense (E
X) account.

Question

The following information is contained on either the balance sheet or income statement of Watertown Corp.: 
?  
Required:
a.	In the "Financial Statement" column, indicate whether each item listed above belongs on Watertown's balance sheet or income statement. Use a "B" for balance sheet items and an "I" for income statement items.
b.	In the "Type of Account" column, indicate whether each item listed is an asset (A), liability (
L), equity (E
Q), revenue (
R), or expense (E
X) account.

Quizplus · Accepted Answer

The Answer of The following information is contained on either the balance sheet or income statement of Watertown Corp.: 
?  
Required:
a.	In the "Financial Statement" column, indicate whether each item listed above belongs on Watertown's balance sheet or income statement. Use a "B" for balance sheet items and an "I" for income statement items.
b.	In the "Type of Account" column, indicate whether each item listed is an asset (A), liability (
L), equity (E
Q), revenue (
R), or expense (E
X) account.

The Following Information Is Contained on Either the Balance Sheet