For each of the following accounts, identify what type of account it is and state what its normal balance would be. Use the following for account type (Asset, Liability, Shareholders? equity, Revenue, Expense, and Dividends declared). If the account is a contra account, put a ?Contra? in front of the account type.

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Common shares Dividends declared Cost of goods sold Retained earnings 5. Accumulated depreciation, equipment 1. 2. 3. 4. Rent expense 7. Unearned revenue 8. Prepaid insurance 6. 9. Land 10. Dividends payable Type of Account Normal Balance Common shares Dividends declared Cost of goods sold Retained earnings 5. Accumulated depreciation, equipment 1. 2. 3. 4. Rent expense 7. Unearned revenue 8. Prepaid insurance 6. 9. Land 10. Dividends payable Type of Account Normal Balance

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Type of Account Normal balance 1 Common shares Shareholders Equity Credit balance 2 Dividend dec... View the full answer