Name the five pairs of balance sheet and income statement accounts.
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The Income Statement and Balance Sheet columns of a worksheet are produced below. Indicate with an "X" the specific Income Statement or Balance Sheet column(s) in which each amount transferred from the Adjusted Trial Balance columns should be placed, if at all, and select "NE" for No effect. Income Statement Balance Sheet Account Title Debit Credit Debit Credit 1. Assets 2. Contra-Asset 3. Liabilities 4. Owner, Capital 5. Owner, Drawing 6. Revenue 7. Expense 8. Net Income 9. Net Loss
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For each item, select (1) whether it is reported on the income statement (I/S) or balance sheet (B/S) (2) the type of account. 1. Accounts Receivable 2. Sales Revenue 3. Equipment 4. Supplies Expense 5. Cash 6. Advertising Expense 7. Accounts Payable 8. Retained Earnings
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