Accumulated Depreciation,Accounts Receivable and Service Fees Earned would be sorted to which respective columns in completing a work sheet?
A)Balance Sheet-Credit; Balance Sheet Debit; and Income Statement-Credit
B)Balance Sheet-Debit; Balance Sheet and Income Statement-Credit
C)Income Statement-Debit; Balance Sheet-Debit; and Income Statement-Credit
D)Income Statement-Debit; Income Statement-Debit; and Balance Sheet-Credit
E)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. Accounts Receivable is an asset and appears on the Balance Sheet as a debit. Service Fees Earned is a revenue account and appears on the Income Statement as a credit.

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