II. Direction classify each account listed below as assets (A), liabilities (L), owner's equity (OE), revenue (R), or expenses (E). Indicate the normal debit or credit balance of each account. Indicate whether each account will appear in the Income Statement (I), Statement of Owner's Equity (NA), or Balance Sheet (B). Account Classification Normal Balance Income Statement, Owner's Equity, or Balanace Sheet E DEBIT 1 EXAMPLE: RENT EXPENSE 1. Cash on Hand 2. Accounts Payable 3. Service fees earned 4. Account Receivable 5. Prepaid Insurance 6. Unearned service fees 7. Interest Income 8. Land 9. Accumulated Depreciation - building 10. Bad Debts 11. Office Supplies used 12. Depreciation - building 13. Valdez, capital 14. Valdez, drawing 15. Accrued salaries 16. Cash in bank 17. Allowance for Bad debts 18. Office supplies on hand 19. Building 20. Notes Receivable