Solved

Match Each Account to the Classification Scheme for a Multistep

Question 17

Matching

Match each account to the classification scheme for a multistep income statement

Premises:

Responses:

Depreciation Expense (for delivery truck)

Revenues

Dividend Income

Cost of goods sold

Cash

Selling expenses

Interest Income

General and administrative expenses

Prepaid Rent

Other revenues and expenses

Rent Expense (for main office)

Not on income statement

Advertising Expense

Personnel Expense

Unearned Revenue

Sales Discounts

Premises:

Depreciation Expense (for delivery truck)

Dividend Income

Cash

Interest Income

Prepaid Rent

Rent Expense (for main office)

Advertising Expense

Personnel Expense

Unearned Revenue

Sales Discounts

Responses:

Revenues

Cost of goods sold

Selling expenses

General and administrative expenses

Other revenues and expenses

Not on income statement

Correct Answer:

Premises:

Responses:

Depreciation Expense (for delivery truck)

Dividend Income

Cash

Interest Income

Prepaid Rent

Rent Expense (for main office)

Advertising Expense

Personnel Expense

Unearned Revenue

Sales Discounts