Explaining worksheet items [10-15 min]
Link Back to Chapters 2 and 3 (Definitions of Accounts). Consider the following list of accounts:
a. Accounts receivable
b. Supplies
c. Prepaid rent
d. Furniture
e. Accumulated depreciation—furniture
f. Accounts payable
g. Unearned service revenue
h. Service revenue
i. Rent expense
Requirement
1. Explain what a normal balance in each account means. For example, if the account is “Cash,” the explanation would be “the balance of cash on a specific date.”
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