Question

Identify whether the following items would be reported on the income statement or balance sheet. 1. Cash 2. Service Revenue 3. Notes Payable 4. Interest Expense 5. Accounts Receivable

Answer 1

Answer:

Explanation:

Items to be reported in the Balance Sheet.

1. Cash

3. Notes payable

5. Accounts receivable

Items to be reported in the income statement.

2. Service Revenue

4. Interest Expense