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