Problem Solving Survival Guide to accompany Financial Accounting, 8th Edition

EXERCISE 1-4

Purpose:

(L.O. 8) This exercise will give you practice in classifying items on financial statements.

________ 1. Cash	________ 21. Commission revenue
________ 2. Accounts payable	________ 22. Insurance expense
________ 3. Equipment	________ 23. Rent expense
________ 4. Utilities expense	________ 24. Rent revenue
________ 5. Common stock	________ 25. Interest expense
________ 6. Salaries and wages payable	________ 26. Interest revenue
________ 7. Salaries and wages expense	________ 27. Interest income
________ 8. Advertising expense	________ 28. Office supplies expense
________ 9. Advertising payable	________ 29. Audit fees incurred
________ 10. Office supplies	________ 30. Service revenue
________ 11. Note payable	________ 31. Legal fees earned
________ 12. Note receivable	________ 32. Legal fees incurred
________ 13. Dividends	________ 33. Prepaid insurance
________ 14. Fees earned	________ 34. Property tax expense
________ 15. Fees incurred	________ 35. Mortgage payable
________ 16. Telephone expense	________ 36. Loan receivable
________ 17. Cleaning supplies on hand	________ 37. Bank loan payable
________ 18. Property taxes payable	________ 38. Royalty revenue
________ 19. Cleaning expense	________ 39. Royalty expense
________ 20. Commission expense	________ 40. Medical supplies

Instructions

Indicate how each of the above should be classified on a set of financial statements. Use the following abbreviations to communicate ...