Accumulated Depreciation, Equipment, Accounts Receivable, and Service Revenue 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 as a credit. Equipment is an asset and appears on the Balance Sheet as a debit. Accounts Receivable is an asset and appears on the Balance Sheet as a debit. Service Revenue is an income account and appears on the Income Statement as a credit.

Accumulated Depreciation, Equipment, Accounts Receivable, and Service Revenue Would Be