CHAPTER 5 SUPPLEMENTARY EXERCISE Indicate the classification (asset, contra-asset, liability, owner's equity, revenue, or expense), normal balance (debit or credit), and placement of each account shown below in the Income Statement, Statement of Owner's Equity, or Balance Sheet. The first one is given as an example. CLASSIFICATION ASSET NORMAL BALANCE DR. INCOME STATEMENT STATEMENT OF O.E. BALANCE SHEET ACCOUNT CASH RENT EXPENSE PLACEMENT FEES OFFICE SUPPLIES ACCOUNTS PAYABLE ACCOUNTS RECEIVABLE JOHN JONES, CAPITAL DEPR. EXPENSE-OFF. EQUIP. NOTES PAYABLE PROFESSIONAL FEES JOHN JONES, WITHDRAWING OFFICE EQUIPMENT ACC. DEPR., OFF. EQUIP. SALARY EXPENSE