Classify balance sheet & income statement
Indicate for each of the following items whether it would appear on a balance sheet (BS) or an income statement (IS). If a balance sheet item, is it an asset (A), a liability (L), or an owners' equity (OE)?
A/P - BS/L
Sales Revenue - IS
A/R - BS/A
Advertising expense - IS
Cash - BS/A
Supplies - BS/A
Consulting revenue - BS/A
Land - BS/A
Capital Stock - BS/OE
Rent Expense - IS
Equipment - BS/L
Interest Receivable - BS/A
Mortgage Payable - BS/L
Notes Payable - BS/OE
Buildings - BS/A
Salaries & wages expense - IS
Retained earnings - BS/OE
Utilities expense - IS
Did I classify these correctly?