Accumulated Depreciation,Equipment,Accounts Receivable,and Service Fees Earned would be sorted to which respective columns in completing a work sheet?
A) Statement of changes in equity or Balance Sheet-Credit; Statement of changes in equity or Balance Sheet-Debit; and Income Statement-Credit.
B) Statement of changes in equity or Balance Sheet-Debit; Statement of changes in equity or Balance Sheet-Credit; and Income Statement-Credit.
C) Income Statement-Debit; Statement of changes in equity or Balance Sheet-Debit; and Income Statement-Credit.
D) Income Statement-Debit; Income Statement-Debit; and Statement of changes in equity or Balance Sheet-Credit.
E) Statement of changes in equity or Balance Sheet-Credit; Income Statement-Debit; and Income Statement-Credit.

Question

Quizplus · Accepted Answer

Accumulated Depreciation is a contra asset account and appears on the Balance Sheet-Credit. Equipment is an asset and appears on the Balance Sheet-Debit. Accounts Receivable is an asset and appears on the Balance Sheet-Debit. Service Fees Earned is a revenue account and appears on the Income Statement-Credit.

Accumulated Depreciation,Equipment,Accounts Receivable,and Service Fees Earned Would Be Sorted to Which