Balance Sheet / Income Statement Items

For each of the following items, identify whether they would be reported in the balance sheet (B) or income statement (I). If balance sheet, indicate if it would be an asset (A), liability (L), or equity (SE) account.

Machinery

B (Balance Sheet) – A (Asset)

Supplies Expense

I (Income statement)

Prepaid Advertising

B (Balance Sheet) – A (Asset)

Advertising Expense

I (Income statement)

Common Stock

B (Balance Sheet) – SE (Equity)

Deferred Revenue

B (Balance Sheet) – L (Liability)

Note Receivable

B (Balance Sheet) – A (Asset)

Tax Payable

B (Balance sheet) – L (Liability)

Tax Expense

I (Income statement)

Cost of Goods Sold

I (Income statement)

Long-Term Debt

B (Balance sheet) – L (Liability)