I have a hard time understanding accounting so if anyone can answer my questions please e-mail me at lovelykayla18@aol.com

Classifying Balance sheet items

The following accounts appear on the worksheet of Odds and Ends Craft Store. Indicate the section of the classified balance sheet in which each account will be reported.

SECTIONS OF CLASSIFIED BALANCE SHEET
a. Current Assets
b. Plant and Equipment
c. Current Liabilities
d. Long-Term Liabilities
e. Owner's Equity

ACCOUNTS
1. Rent Payable
2. Cash
3. Raja Julia,Capital
4. Merchandise Inventory
5. Accounts Payable
6. Store Supplies
7. Sales Tax Payable
8. Prepaid Insurance
9. Delivery Van
10. Accounts Receivable

Preparing a classified income statement

The worksheet of Alec's Office Supplies contains the following revenue, cost, and expense accounts. Prepare a classified income statement for this for this firm for the year ended December 31, 2010. The merchandise inventory amounted to $58,775 on January 1, 2010, and $51,725 on December 31, 2010. The expense accounts numbered 611 through 617 represent selling expenses, and those numbered 631 through 646 represent general and adminstrative expenses.

ACCOUNTS

401 Sales $245,600 Cr.
451 Sales Returns and Allowances $4,250 Dr.
491 Miscellaneous Income $300 Cr.
501 Purchases $102,600 Dr.
501 Freight In $1,875 Dr.
503 Purchases Returns and Allowances $3,500 Cr.
504 Purchases Discounts $1,700 Cr.
611 Salaries Expense-Sales $44,300 Dr.
614 Store Supplies Expense $2,210 Dr.
617 Depreciation Expense- Store Eqquipment $1,410 Dr.
631 Rent Expense $12,500 Dr.
634 Utilities Expense $2,900 Dr.
637 Salaries Expense-Office $20,100 Dr.
640 Payroll Taxes Expense $5,000 Dr.
643 Depreciation Expense-Office Equipment $470 Dr.
646 Uncollectible Accounts Expense $620 Dr.
691 Interest Expense $540 Dr.