Part I: ACCOUNT TYPES/NORMAL BALANCES In column 1 indicate the TYPE of account (6 types of accounts: Revenue, Expense, Dividends, Asset, Liability, and Owner's Equity) In column 2, indicate the NORMAL Balance of the account. Normal balance will always be consistent with what it takes (debit ar credit) to INCREASE the account Debit or Credit) NORMAL BALANCE ACCOUNT TYPE Service Revenue 1. 2. Unearned Revenue 3. Rent Expense Accounts Receivable 4. 5. Consulting Revenue 6. Common Stock 7. Prepaid Rent Notes Payable 9. Office Supplies 10. Retained Earnings 8. 11. Dividends REMEMBER: (debited or credited)! (debited or credited)! REVENUES are always EXPENSES are always