Accounting Equation, Acct Classifications, & Normal Balance

Accounts Payable is a(n)

• Asset

• Liabilities

• Owners Equity

Select all Asset Accounts

• Cash

• Sales

• Expenses

• Supplies

Cash has a normal balance on the __________ side

• Debit

• Credit

Expenses has a normal balance on the ________ side

• Debit

• Credit

Sales has a normal balance on the _________ side

• Debit

• Credit

Owner's Capital has a normal balance on the ________ side.

• Debit

• Credit

Owners Drawing has a normal balance on the ________ side.

• Debit

• Credit

Pre-paid Insurance is a(n) ___________.

• Asset

• Liability

• Owners Equity

Insurance Expense is a(n)

• Asset

• Liability

• Owners Equity

Telephone, water, and heating affect which account

• Rent Expense

• Utilities Expense

• Miscellaneous Expense

• They each are their own expense account