Accounting Exercise 3.2 (Accounting for Deferrals)
The following items are financial statements elements:
| 1) Cash | 16) Beginning Retained Earnings |
| 2) Accounts Receivable | 17) Capital Acquisition |
| 3) Liabilities | 18) Certificate of Deposit |
| 4) Cash Receipts from Revenue | 19) Net Cash Flows from Operating Activities |
| 5) Net Income | 20) Salary Expense |
| 6) Contributed Capital | 21) Net Change in Cash |
| 7) Salaries Payable | 22) Interest Payable |
| 8) Interest Payable | 23) Consulting Revenue |
| 9) Total Assets | 24) Notes Receivable |
| 10) Land | 25) Distributions |
| 11) Interest Expense | 26) Office Equipment |
| 12) Supplies | 27) Ending Retained Earnings |
| 13) Accumulated Depreciation | 28) Total Equity |
| 14) Note Payable | 29) Accounts Receivable |
| 15) Unearned Revenue | 30) Supplies Expense |
Required:
Determine which elements will appear on the Income Statement (IS), Balance Sheet (BS), Statement of Changes in Equity (CE), or Statement of Cash Flows (CF). Note that some elements may appear on one or more statements.
Location