For each of the following accounts, identify what type of account it is and stat

Question

For each of the following accounts, identify what type of account it is and state what its normal balance would be. Use the following for account type (Asset, Liability, Shareholders’ equity, Revenue, Expense, and Dividends declared). If the account is a contra account, put a “Contra” in front of the account type.

Type of Account Normal Balance 1. Common shares 2. Dividends declared Cost of goods sold 4.Retained earnings 5. Accumulated depreciation, equipment 6. Rent expense 7. Unearned revenue 8. Prepaid insurance 9 Land 10. Dividends payable

Explanation / Answer

Questions Type of Account Normal balance 1 Common shares Shareholders' Equity Credit balance 2 Dividend declared Dividends declared Debit balance 3 Cost of Goods Sold Expense Debit balance 4 Retained Earnings Shareholders' Equity Credit balance 5 Accumulated Depreciation Contra Assets Credit balance 6 Rent Expense Expense Debit balance 7 Unearned revenue Liability Credit balance 8 Prepaid Insurance Asset Debit balance 9 Land Asset Debit balance 10 Dividends Payable Liability Credit balance

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