Can someone please explain this ? I am not finding the answers in the book for it. Thank you.

The choices are: Liability, Stockholders Equity, Assets, Contra Assets, Paid-in-Capita, Revenue, and Expense. FOR COMMON STOCK: all the same but there is no Stockholder Equity instead Retained Earnings The other choices are either debit or credit.

2 > > > > Classifying Financial Items The following accounts were used in recording the 2020 adjusting entries of Jackson Corp, a nutrition a. Classify each account as asset, liability, revenue, expense, or paid-in capital. Indicate if the account b. Indicate the account's normal balance (debit or credit). c. Indicate whether a debit or credit is needed to increase the account. (a) Classification (b) Normal Balance (c) To Increase the Account 1. Prepaid insurance Asset 2. Interest expense 3. Property taxes payable 4. Note receivable 5.Interest payable 6. Common stock Credit Credit 7.Accumulated depreciation Contra Asset Credit 8.Allowance for doubtful accounts 9.Interest revenue 10.Depreciation expense 11.Sales Credit Credit 12.Accounts receivable Asset 13.Accrued expense Liability 14.Cost of goods sold Debit Debit 15.Deferred subscription revenue Liability > > . > > > > >