Q2TI_1 - Horngren'S Financial And Managerial Accounting | StudyQuestionHub

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Q2TI_1

Question

For each account listed, identify whether the account would appear in either the income statement section or the balance sheet section of the worksheet. Assuming normal balances, identify if the account would be recorded in the debit (DR) or credit (CR)

Step-by-Step Solution

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Answer

Service revenue is shown in income statement and in credit (CR) column.

1Step-by-Step-Solution

Step 1: Explanation on Income Statement

Income statement is the part of the financial statements, which records the revenues and expenses for the period.

2Step 2: Explanation on Service Revenue

Service revenue refers to the income generated by providing the services to the customer. Service revenues gets increased by every credits.

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