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Indicate whether the following items would appear on the income statement, balance sheet, or owner’s equity statement. (a) Notes payable (b) Advertising expense (c) Owner’s capital (d) Cash (e) Service revenue

Respuesta :

Answer:

Explanation:

All revenues generated and expenses incurred during a given period are recorded in the income statement.  

The Statement of equity of the stockholder includes the common stock and the retained earnings which could be used to assess the ending balance.  

The balance sheet records the assets and liabilities of the organization

So, the categorization is shown below:

a) Notes payable = Balance sheet. It can be current or long term

(b) Advertising expense = Income statement

(c) Owner’s capital = owner’s equity statement

(d) Cash = Balance sheet as a current asset

(e) Service revenue = Income statement

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