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. Cost of goods sold

2. Common shares

3. Advertising expense

4. Buildings

5. Interest payable

6. Dividends declared

7. Cost of goods sold

8. Rent expense

9. Inventory

10. Prepaid rent