For each of the following (1) identify the type of account as an asset, liability, equity,...

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For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense: (2) identify

business accounting

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Answer 1

Answer #1

Account Type Of Account Normal Balance Increase (Dr or Cr)

Prepaid Insurance Assets Debit Debit

Accounts Receivable Assets Debit Debit

Dividends Equity Debit Debit

License fee revenue Revenue Credit Credit

Unearned Revenue Liability Credit Credit

Fees Earned Revenue Credit Credit

Equipment Assets Debit Debit

Notes Payable Liability Credit Credit

Common Stock Equity Credit Credit

Supplies Liability Credit Credit

Accounts Payable Liability Credit Credit

Consulting Revenue Revenue Credit Credit

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Answer 2

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