The Balances for the Accounts Listed Below Appear in the Trial

question 21

Short Answer

The balances for the accounts listed below appear in the trial balance of Bubbles, Inc. Identify whether each balance would appear on the Income Statement (IS), the Balance Sheet (BS)or the Statement of Owner's Equity (OE), by entering the appropriate letters in the spaces below. (There is only one correct answer for each)
(1) Salaries Expense______ $\quad$$\quad$$\quad$ (6) T. Bubbles, Drawing______
(2) Fees Income______ $\quad$$\quad$$\quad$$\quad$$\quad$ (7) Prepaid Rent______
(3) Accounts Receivable______ $\quad$$\quad$ (8) Cash______
(4) Utilities Expense______ $\quad$$\quad$$\quad$ (9) Omice Supplies______
(5) Accounts Payable______ $\quad$$\quad$$\quad$ (10) Equipment______

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Definitions:

BFOQ Defense

A legal justification used by employers to hire based on specific characteristics, like sex or age, that are normally prohibited by discrimination laws, when it's deemed reasonably necessary to the operation of the business or job.

Fair Labor Standards Act

United States federal law that establishes minimum wage, overtime pay eligibility, recordkeeping, and child labor standards affecting full-time and part-time workers in the private sector and in federal, state, and local governments.

Minimum Wages

The lowest legal hourly rate of pay that employers can compensate workers, as mandated by federal or state law.

Defined Benefit Plans

A type of pension plan where an employer promises a specified pension payment upon retirement, based on an employee's earnings history, tenure of service, and age.