Miranda Brock, Lawyer, has the following accounts:

Instructions
For each of these accounts, identify
(a) The type of account (e.g., asset, liability, owner's capital, drawings, revenue, expense); (b) what financial statement it is presented on;
(c) The normal balance of the account;
(d) Whether the account is increased by a debit or credit; and
(e) Whether the account is decreased by a debit or credit. Use the following format, in which the first one has been done for you as an example.

TAKING IT FURTHER Explain the relationship between the normal balance in each type of account and the basic accounting equation.

Transcribed Image Text:

Accounts Payable Accounts Receivable Building Cash Equipment Insurance Expense Interest Revenue Land Fees Earned M. Brock, Capital M. Brock, Drawings Notes Receivable Prepaid Insurance Rent Expense Rent Revenue Salaries Expense Salaries Payable Supplies Supplies Expense Unearned Revenue Account Type of Account Financial Statement Normal Balance Increase Decrease Accounts Payable Liability Balance sheet Credit Credit Debit