What would go on my Income Statement?
Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 1MC: Which of the following is an example of a contra revenue account? A. sales B. merchandise inventory...
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What would go on my Income Statement?

Transcribed Image Text:Cash/ Checking Account
Accounts Receivable
Inventory Asset
Office Supplies Inventory
Prepaid Insurance
Lawn and Landscaping Equipment
Office Equipment
Truck
Accumulated Depreciation
Accounts Payable
Unearned Revenue
Payroll Liabilities
Interest Payable
Sales Tax Payable
Wages Payable
Notes Payable - Long-term
Smith, Capital
Smith, Drawing
Sales Revenue
Service Revenue
Cost of Goods Sold
Advertising and Promotion
Auto and Truck Expenses
Depreciation Expense
Field Wages
Insurance Expense
Interest Expense
Miscellaneous Expenses
Office Supplies Expense
Office Wage Expense
Payroll Expenses
Rent Expense
Repairs and Maintenance Expense
Small Tools and Equipment Expense
Utilities Expense
Miscellaneous Income
Debit
26,200.00
8,750.00
4,575.00
475.00
900.00
9,500.00
2,000.00
14,000.00
500.00
7,550.00
2,250.00
1,200.00
2,750.00
9,000.00
300.00
633.00
325.00
525.00
3,300.00
1,500.00
2,500.00
1,200.00
1,750.00
900.00
102,583.00
Credit
2,750.00
1,830.00
9,000.00
1,500.00
633.00
400.00
1,100.00
12,000.00
34,000.00
15,750.00
23,500.00
120.00
102,583.00
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I thought for an Income Statement you only need serivce revenue, subract expenses and then you get a total which is the net income?
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