Question

Identify cost of sales, service revenue, wages expense, owner withdrawal, rent expense, rental expense, insurance expense,...

Identify cost of sales, service revenue, wages expense, owner withdrawal, rent expense, rental expense, insurance expense, and consulting revenue as revenues, expenses, or withdrawals.

Homework Answers

Answer #1

the following table shows the identification:

Item Identifited as:
1. Cost of sales Expenses
2. Service revenue Revenue
3. Wages expense Expense
4. Owner withdrawal Withdrawals
5. Rent expense Expense
6. Rental revenue Revenue
7. Insurance expense Expense
8. Consulting revenue Revenue

note: rental expnse (as typed in question) will be expense.

Rental revenue (assuming a typo in question, as rent expense is already given) will be revenue.

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