Homework Answers
Answer 1)
The identification of accounts are as follows along with reasons:
| Sl No | Account Name | Type of Account | Reason |
| a | Notes Receivable | Asset | It is a type of Current asset to be matured within 1 year |
| b | Common stock | Equity | It is a type of common investment nby shareholders |
| c | Prepaid Insurance | Asset | It is a type of Current asset to be matured within 1 year |
| d | Notes payable | Liability | It is a type of Current liability to be matured within 1 year |
| e | Rent revenue | Income | It is neither an asset nor a liability |
| f | Taxes payable | Liability | It is a type of Current liability payable for the previous year |
| g | Rent expenses | Expense | It is neither an asset nor a liability |
| h | Furniture | Asset | It is a type of fixed asset |
| i | Dividends | Income | It is neither an asset nor a liability |
| j | Unearned revenue | Liability | It is a type of liability since the income is prereceived income |
Answer 2)
Identification of whether the account is a debit or credit:
| Sl No | Account Name | Debit / Credit | Dr / Cr |
| a | Notes payable | Credit | Cr |
| b | Dividends | Credit | Cr |
| c | Service revenue | Credit | Cr |
| d | Land | Debit | Dr |
| e | Unearned revenue | Credit | Cr |
| f | Common stock | Credit | Cr |
| g | Utilities expense | Debit | Dr |
| h | Office supplies | Debit | Dr |
| i | Advertising expense | Debit | Dr |
| j | Interest payable | Credit | Cr |
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