For each Account Type, identify the Financial Statement on which the account would appear (balance sheet (BS), income statement (IS), or owner's equity statement (OES) and the Normal Balance (Debit or Credit). Account Type Financial Statement Normal Balance [ Select] [ Select] IS OES Asset [ Select ] BS Owner's Capital [ Select ] [ Select ] Owner's Drawings [ Select ] [ Select ] [ Select ] [ Select ] Expenses Liabilities [ Select ] [ Select ] Revenue [ Select ] [ Select ] > > > > > >
For each Account Type, identify the Financial Statement on which the account would appear (balance sheet (BS), income statement (IS), or owner's equity statement (OES) and the Normal Balance (Debit or Credit). Account Type Financial Statement Normal Balance [ Select] [ Select] IS OES Asset [ Select ] BS Owner's Capital [ Select ] [ Select ] Owner's Drawings [ Select ] [ Select ] [ Select ] [ Select ] Expenses Liabilities [ Select ] [ Select ] Revenue [ Select ] [ Select ] > > > > > >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![For each **Account Type**, identify the **Financial Statement** on which the account would appear (balance sheet (BS), income statement (IS), or owner's equity statement (OES)) and the **Normal Balance** (Debit or Credit).
- **Account Type**: Asset
- **Financial Statement**: [Select]
- Options: IS, OES, BS
- **Normal Balance**: [Select]
- **Account Type**: Owner's Capital
- **Financial Statement**: [Select]
- **Normal Balance**: [Select]
- **Account Type**: Owner's Drawings
- **Financial Statement**: [Select]
- **Normal Balance**: [Select]
- **Account Type**: Expenses
- **Financial Statement**: [Select]
- **Normal Balance**: [Select]
- **Account Type**: Liabilities
- **Financial Statement**: [Select]
- **Normal Balance**: [Select]
- **Account Type**: Revenue
- **Financial Statement**: [Select]
- **Normal Balance**: [Select]
This table serves as a learning tool to help understand which financial statement accounts belong to and their normal balance type.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fda704709-c32b-4e3a-9fcd-440b5249bce8%2F3e1c070b-1321-4490-91ff-346421ace9c2%2Fa60jmm_processed.jpeg&w=3840&q=75)
Transcribed Image Text:For each **Account Type**, identify the **Financial Statement** on which the account would appear (balance sheet (BS), income statement (IS), or owner's equity statement (OES)) and the **Normal Balance** (Debit or Credit).
- **Account Type**: Asset
- **Financial Statement**: [Select]
- Options: IS, OES, BS
- **Normal Balance**: [Select]
- **Account Type**: Owner's Capital
- **Financial Statement**: [Select]
- **Normal Balance**: [Select]
- **Account Type**: Owner's Drawings
- **Financial Statement**: [Select]
- **Normal Balance**: [Select]
- **Account Type**: Expenses
- **Financial Statement**: [Select]
- **Normal Balance**: [Select]
- **Account Type**: Liabilities
- **Financial Statement**: [Select]
- **Normal Balance**: [Select]
- **Account Type**: Revenue
- **Financial Statement**: [Select]
- **Normal Balance**: [Select]
This table serves as a learning tool to help understand which financial statement accounts belong to and their normal balance type.
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