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CengageNOW| Online teaching and learnin D west.cengagenow.com/ilrn/takeAssignment takeAssignmentMan.do?invoker= assignments&takeAssignmentSessionLocator-assignment-take;# g resource from Cen e Learnin le Chrome uestions xercise uestion 1 of 2 Check My Work eBook Exercise 2-46 Normal Balances and Financial Statements The following accounts are available for Haubstadt Shoe Works: Required: Using the table provided below, indicate whether each account normally has a debit or credit balance and indicate on which of the financial statements (income statement, retained earnings statement, or balance sheet) each account appears. Account Accounts Payable Accounts Receivable Accumulated Depreciation (Equipment) Advertising Expense Cash Common Stock Cost of Goods Sold Depreciation Expense (Equipment) Equipment Interest Expense Inventory Notes Payable Retained Earnings Sales Revenue Utilities Expense Debit/Credit Credit V Debit v Select Select Select Select Select Select Select Select Select Select Select Select Select Financial Statement Select Balance sheet Balance sheet and retained earnings statement Income statement Retained earnings statement only Select Select Select Select Select Select Select Select Select Select Check My Work Icon key Exercise 2-46 Question 1 of 2 D 5:57 PM 2/7/2016

Explanation / Answer

ACCOUNTS PAYABLE : CREDIT BALANCE: BALANCESHEET LIABILITIES

ACCOUNTS RECIEVABLES : DEBIT BALANCE : BALANCESHEET ASSET

ACCUMULATED DEPRECIATION:CREDIT BALANCE

CASH : DEBIT BALANCE : ASSET BALANCESHEET

COMMON STOCK: DEBIT BALANCE : ASSET BALANCESHEET

COST OF GOODS SOLD: DEBIT BALANCE : INCOME STATEMENT

DEPRECIATION EXPENSE : DEBIT BALANCE : EXPENSE ON INCOME STATEMENT

EQUIPMENT : DEBIT BALANCE : ASSET IN BALANCESHEET

INTEREST EXPENSE : DEBIT : INCOME STATEMENT

INVENTORY : DEBIT BALANCE : ASSET BALANCESHEET

NOTES PAYABLE :CREDIT BALANCE : LIABILITIES BALANCESHEET

RETAINED EARNING : CREDIT BALANCE : BALANCESHEET

SALES REVENUE : CREDIT BALANCE : INCOME STATEMENT

UTILITIES EXPENSE : DEBIT BALANCE : INCOME STATEMENT

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