42) Indicate with an "X" the one financial statement where you would expect to find each line item:
Income
Statement
of Cash
Flows
Balance
Sheet
1. Interest payable
2. Interest expense
3. Notes payable
4. Cash paid for interest
5. Rent payable
6. Prepaid rent
7. Rent expense
8. Cash paid for rent
9. Sales revenue
10. Cash collected from customers
11. Accounts receivable
43) For each description, identify with an “X" whether the item is either an asset (A), liability (L) or shareholders' equity (SE) account on the balance sheet or a revenue (R) or expense (E) on the income statement. There is only one correct answer for each description.
Balance SheetStatement
Description:
A
L
SE
R
E
1. Resources available for future use
2. Accounts payable
3. Amounts not yet collected from customers
4. Cost of goods sold
5. Prepaid insurance
6. Past profits kept by the company
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