Identify the normal balance for the following accounts: 1. Prepaid Insurance 2. Accounts Payable 3. Land 4.

Question:

Identify the normal balance for the following accounts:

1. Prepaid Insurance

2. Accounts Payable

3. Land

4. Service Revenue

5. Utilities Expense

6. Owner’s Capital

7. Equipment

8. Salaries Expense

9. Supplies

10. Unearned Revenue

Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...

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