Question: ?For each of the following, ( 1 ) ?identify the account as an asset, liability, equity, revenue, or expense; ( 2 ) identify the normal

?For each of the following, (1) ?identify the account as an asset, liability, equity, revenue, or expense; (2)
identify the normal balance of the account; and (3) ?enter debit or credit to identify the kind of entry
that would increase the account balance.
b. ?The owners claim on a companys assets is called .
c. ?Accounts Payable and Notes Payable are examples of accounts.
d. ?Accounts Receivable, Prepaid Accounts, Supplies, and Land are examples of accounts.
e. ?A(n) ?is a record of increases and decreases in a specific asset, liability, equity, revenue, or expense
item.
1. ?Chart
2. ?General ledger
3. ?Journal
4. ?Account
5. ?Source document
a. ?A(n) ?of accounts is a list of all accounts a company uses, not including account balances.
b. ?The is a record containing all accounts used by a company, including account balances.
c. ?A(n) ?describes transactions entering an accounting system, such as a purchase order.
d. ?Increases and decreases in a specific asset, liability, equity, revenue, or expense are recorded in a(n).
e. ?A(n) ?has a complete record of every transaction recorded.
a. ?Land
b. ?Cash
c. ?Legal Expense
d. ?Prepaid Insurance
e. ?Accounts Receivable
f. ?Tour Service Revenue
g. ?Unearned Revenue
h. ?Services Revenue
i. ?Equipment

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