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A company’s chart of accounts includes, in part, the following account numbers and corresponding account titles: Account No. Account Title (1) Cash (2) Merchandise inventory (3) Cost of goods sold (4) Transportation-out (5) Dividends (6) Common stock (7) Selling expense (8) Loss on the sale of land (9) Sales Which accounts would appear on the income statement?

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Answer:

Account which will appear on Income statement

(9) Sales

(3) Cost of goods sold

(4) Transportation-out

(7) Selling expense

(8) Loss on the sale of land

Explanation:

All the account that appears on the income statement are the temporary account which need to be closed at the end of each period. Their net balance is transferred to an permanent account of balance sheet.

The following account will be appeared in the balance sheet.

(1) Cash

(2) Merchandise inventory

(5) Dividends

(6) Common stock

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