Accounting I: Ch. 1-3 Transactions & Classification

Sort each of the accounts into their classification:

Groups:

(a) Asset

,

(b) Liability

,

(c) Owner's Equity

• Supplies

• Cash

• Accounts Receivable

• Owner's Drawing

• Accounts Payable

• Prepaid Insurance

• Owner's Capital

Normal Balance: Cash

• Debit

• Credit

Normal Balance: Accounts Receivable

• Debit

• Credit

Normal Balance: Supplies

• Debit

• Credit

Normal Balance: Prepaid Insurance

• Debit

• Credit

Normal Balance: Owner's Drawing

• Debit

• Credit

Normal Balance: Advertising Expense

• Debit

• Credit

Normal Balance: Communications Expense

• Debit

• Credit

Normal Balance: Equipment Rental Expense

• Debit

• Credit

Normal Balance: Insurance Expense

• Debit

• Credit