Accounting and Finance Foundations

Unit 7

Accounting and Finance Foundations Unit 7: Financial Statements 590

Financial Statements

Chapter 18

Student Assignment

Classifying Accounts

Mark each item in the following list as an asset (A), liability (L), or owner’ equity (O/E) that would appear

on the balance sheet OR as a revenue (R) or expense (E) that would appear on the income statement.

______ (1) Retained Earnings

______ (2) Accounts Receivable

______ (3) Sales Revenue

______ (4) Property, Plant, Equipment

______ (5) Rent Expense

______ (6) Inventories

______ (7) Interest Expense

18.5.2