Indicate the following for each account in the table below: A-The account classi

Question

Indicate the following for each account in the table below:

A-The account classification( asset, Liability, Contra-asset, revenue, expense, or equity).

B-The financial statement on which the account would be found ( balance sheet, income statement, statement of owner's equity).

C- The normal account balance ( debit or credit)

Account Description A-classification B-financial statement C-normal balance Cash Accumulated Depreciation Depreciation Prepaid Insurance Sales Bad debt Supplies Owner Drawing Accounts Payable Equipment Allowance for bad debt

Explanation / Answer

Account Description A-classification B-financial statement C-normal balance Cash Asset Balance sheet Debit Accumulated Depreciation Contra asset Balance sheet Credit Depreciation Expense Income statement Debit Prepaid Insurance Asset Balance sheet Debit Sales Revenue Income statement Credit Bad debt Expense Income statement Debit Supplies Asset Balance sheet Debit Owner Drawing Equity Equity Debit Accounts Payable Liability Balance sheet Credit Equipment Asset Balance sheet Debit Allowance for bad debt Contra asset Balance sheet Credit

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