Question

Given the list of accounts below identify which of them would appear on a balance sheet

Answer 1

Accounts:

Utilities Expense, Rent Expense, Equipment, Cash, Rental Revenue, Accounts Payable, Retained Earnings, Supplies

Answer:

Equipment, Cash, Accounts Payable, Retained Earnings, Supplies

Step-by-step explanation:

Only the balance sheet items would be reported on the balance sheet and this includes all the assets, liabilities and equity items. This means income and expenses must not be reported in the balance sheet. Thus excluding expense and income accounts we have Equipment, Cash, Accounts Payable, Retained Earnings and Supplies.

Equipment is a fixed asset, Cash is a current asset item, accounts payable is a current liability, retained earnings is an equity item and Supplies are inventory purchases which means it is current asset.