Question: In preparing a work sheet, indicate the financial statement debit column to which a normal balance of each of the following accounts should be extended.

In preparing a work sheet, indicate the financial statement debit column to which a normal balance of each of the following accounts should be extended. Use IS for the Income Statement Debit column and BS for the Balance Sheet or Statement of Changes in Equity Debit column.
1. Equipment
2. Owner, withdrawals
3. Insurance expense
4. Prepaid insurance
5. Accounts receivable
6. Depreciation expense, equipment

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