Account Classification & Normal Balance Practice (Ch 4)

Cash in Bank

• Asset

• Liability

• Owner's Equity

Accounts Receivable

• Asset

• Liability

• Owner's Equity

Computer Equipment

• Asset

• Liability

• Owner's Equity

Supplies

• Asset

• Liability

• Owner's Equity

Accounts Payable

• Asset

• Liability

• Owner's Equity

John Smith, Capital

• Asset

• Liability

• Owner's Equity

Office Furniture

• Asset

• Liability

• Owner's Equity

What is the normal balance of Cash in Bank?

• Debit

• Credit

What is the normal balance of Accounts Receivable?

• Debit

• Credit

What is the normal balance of Computer Equipment?

• Debit

• Credit