For each of the following accounts, identify what type of account it is and state what its normal balance would be. Use the following abbreviations for account type (A – Asset, L – Liability, SE – Shareholders’ equity, R – Revenue, E – Expense, and DD – Dividends declared). If the account is a contra account, put a “C” in front of the abbreviation.
1. Accounts payable
2. Interest revenue
3. Unearned revenue
4. Buildings
5. Cost of goods sold
6. Prepaid insurance
7. Bank loan payable
8. Inventory
9. Sales revenue
10. Wages payable