Using the format provided, for each account identify (1) whether the account is a balance sheet (B/S) or an income statement (I/S) account; (2) whether it is an asset (A), a liability (L), an owners equity (OE), a revenue (R), or an expense (E) account; (3) whether the account is a real or a nominal account; (4) whether the account will be closed or left open at year end; and (5) whether the account normally has a debit or a credit balance. The following example is provided:
|
Account |
B/S or |
A, L, OE, |
Real or |
Closed |
Debit/ |
|
Title |
I/S |
R, E |
Nominal |
or Open |
Credit |
|
Cash |
B/S |
A |
Real |
Open |
Debit |
1. Accounts Receivable
2. Accounts Payable
3. Prepaid Insurance
4. Mortgage Payable
5. Rent Expense
6. Sales Revenue
7. Cost of Goods Sold
8. Dividends
9. Capital Stock
10. Inventory
11. Retained Earnings
12. Prepaid Rent
13. Supplies on Hand
14. Utilities Expense
15. Income Taxes Payable
16. Interest Revenue
17. Notes Payable
18. Income Tax Expense
19. Wages Payable
20. Unearned Rent Revenue
21. Land
22. Unearned Consulting Fees
23. Interest Receivable
24. Consulting Fees