1. Financial statement account identification. Mark each of the accounts listed in the following table as follows: a. In column 1, indicate in which statement (income statement (is) or Balance Sheet (BS)) – the account belongs. b. In column 2, indicate whether the account is: current asset (CA), current liability (CL), expense (E), fixed asset (FA), long term debt (LTD), revenue or shareholders equity (SE). AccOUNT NAME | STATEMENT | TYPE OF ACCOUNT EX....BS EX....CL Accounts Payable Accounts receivable Administrative expense Buildings Cash Common shares Cost of goods sold | Equipment General Expense |Inventories Land Long-term debt Machinery Marketable securities Line of credit Operating expense Preferred shares Preferred share dividends Retained earnings Sales revenue Selling expense Taxes | vehicles Solution Statement Type of Account Accounts payable BS CL Accounts receivable BS CA Administrative expense IS E Accumulated depreciation BS FA Buildings BS FA Cash BS CA Common shares BS SE Cost of goods sold IS E Equipment BS FA General expense IS E Inventories BS CA Land BS FA Long-term debts BS LTD Machinery BS FA Marketable securities BS CA Line of Credit BS CL Operating expense IS E Preferred shares BS SE Preferred share dividends IS SE Retained earnings BS SE Sales revenue IS R Selling expense IS E Taxes IS E Vehicles BS FA.

1. 1. Financial statement account identification. Mark each of the accounts listed in the following
table as follows: a. In column 1, indicate in which statement (income statement (is) or Balance
Sheet (BS)) – the account belongs. b. In column 2, indicate whether the account is: current asset
(CA), current liability (CL), expense (E), fixed asset (FA), long term debt (LTD), revenue or
shareholders equity (SE). AccOUNT NAME | STATEMENT | TYPE OF ACCOUNT EX....BS
EX....CL Accounts Payable Accounts receivable Administrative expense Buildings Cash
Common shares Cost of goods sold | Equipment General Expense |Inventories Land Long-term
debt Machinery Marketable securities Line of credit Operating expense Preferred shares
Preferred share dividends Retained earnings Sales revenue Selling expense Taxes | vehicles
Solution
Statement Type of Account Accounts payable BS CL Accounts receivable BS CA
Administrative expense IS E Accumulated depreciation BS FA Buildings BS FA Cash BS
CA Common shares BS SE Cost of goods sold IS E Equipment BS FA General expense IS
E Inventories BS CA Land BS FA Long-term debts BS LTD Machinery BS FA
Marketable securities BS CA Line of Credit BS CL Operating expense IS E Preferred shares
BS SE Preferred share dividends IS SE Retained earnings BS SE Sales revenue IS R Selling
expense IS E Taxes IS E Vehicles BS FA