Bloomfree is an organic floral shop after its first quarter, Ask an Expert

Accounting

BloomFree is an organic floral shop. After its first quarter of operations, the company’s accountant prepared the following trial balance, in no particular order. Indicate whether each line on the trial balance is an income statement or balance sheet account.

	Debits	Credits	Balance Sheet / Income Statement
Cost of goods sold	$ 24,000
Accounts receivable	400
Bank loan for van		$ 26,400
Cash	11,000
Common stock		2,000
Accounts payable		4,600
Delivery van	36,000
Gas for van	1,000
Tax expense	4,000
Insurance expense	2,000
Inventory	7,600
Prepaid insurance	2,000
Rent expense	3,000
Salaries expense	16,000
Sales		70,000
Taxes payable		4,000
Total	$107,000	$107,000

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91736360

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