The Balances for the Accounts Listed Below Appeared in the Adjusted

question 35

Essay

The balances for the accounts listed below appeared in the Adjusted Trial Balance columns of the work sheet. Indicate whether each balance should be extended to a) the Income Statement columns or b) the Balance Sheet columns.

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Definitions:

Flight Attendants

Airline employees responsible for ensuring the safety, security, and comfort of passengers during flight.

Revenues

The entire sum of proceeds a company receives from transactions or services conducted over a specified period.

Costs

The expenses associated with the production of goods or services, including but not limited to materials, labor, and overhead.

Competitive Industry

An industry where numerous firms compete against each other to sell similar products to consumers.