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Flow of Accounts into Financial Statements The balances for the accounts that follow appear in the...

Flow of Accounts into Financial Statements The balances for the accounts that follow appear in the Adjusted Trial Balance columns of the end-of-period spreadsheet. Indicate whether each account would flow into the income statement, retained earnings statement, or balance sheet. 1. Accumulated Depreciation—Building 2. Cash 3. Fees Earned 4. Insurance Expense 5. Prepaid Rent 6. Supplies 7. Dividends 8. Wages Expense

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Answer #1

1. Accumulated Depreciation—Building : This would flow into the balance sheet.

2.Cash : This would flow into the retained earnings statement.

3. Fees Earned: This would flow into the income statement.

4. Insurance Expense: This would flow into the balance sheet.

5. Prepaid Rent : This would flow into the income statement.

6. Supplies: This would flow into the income statement.

7. Dividends: This would flow into the retained earnings statements.

8. Wages Expense: This would flow into the income statement.

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