PE 4-1B Flow of accounts into financial statements

The balances for the accounts listed below appear in the Adjusted Trial Balance columns of
the end-of-period spreadsheet. Indicate whether each account would flow into the income
statement, statement of owner’s equity, or balance sheet.
1. Accumulated Depreciation—Building
2. Cash
3. Fees Earned
4. Insurance Expense
5. Prepaid Rent
6. Supplies
7. Vincent Schafer, Drawing
8. Wages Expense

Answer:
1. Balance sheet
2. Balance sheet
3. Income statement
4. Income statement
5. Balance sheet
6. Balance sheet
7. Statement of owner’s equity