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 Changes in Equity-Credit; Balance Sheet and Statement of Changes in Equity Debit; and Income Statement-Credit.
B) Balance Sheet and Statement of Changes in Equity-Debit; Balance Sheet and Statement of Changes in Equity-Credit; and Income Statement-Credit.
C) Income Statement-Debit; Balance Sheet and Statement of Changes in Equity-Debit; and Income Statement-Credit.
D) Income Statement-Debit; Income Statement-Debit; and Balance Sheet and Statement of Changes in Equity-Credit.
E) Balance Sheet and Statement of Changes in Equity-Credit; Income Statement-Debit; and Income Statement-Credit.

Question

Quizplus · Accepted Answer

Accumulated Depreciation is a contra asset account and appears on the credit side of the balance sheet. Accounts Receivable is an asset and appears on the debit side of the balance sheet. Service Fees Earned is revenue and appears on the credit side of the income statement.

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