Income is an income statement account and shown in income statement and not a balance sheet account.
always affectsa balance sheet and an income statement account
Income statement and balance sheet are both related to each other as transactions effect income statement and balance sheet as well and net income or loss from income statement is also part of balance sheet.
Receivables are not part of income statement rather these goes to balance sheet as these are future activities.
If commission is already received or paid then it is income statement item, but if it is still receivable or payable then it is balance sheet item, simple commission is a income statement item
Income is an income statement account and shown in income statement and not a balance sheet account.
always affectsa balance sheet and an income statement account
always affectsa balance sheet and an income statement account
NO, Account payable is a balance sheet item it does not appear in the income statement.
Income statement and balance sheet are both related to each other as transactions effect income statement and balance sheet as well and net income or loss from income statement is also part of balance sheet.
Receivables are not part of income statement rather these goes to balance sheet as these are future activities.
If commission is already received or paid then it is income statement item, but if it is still receivable or payable then it is balance sheet item, simple commission is a income statement item
Rent is not a balance sheet account, it is an expense, hence an income statement account.
Yes it will, because all adjusting entries affect at least one income statement account and one balance sheet account.
Adjusting entries affect at least one income statementand one balance sheet
D. No financial statement. Income summary is only used at the end of the period and is the account with no balance.
accounts payable is account in balance sheet