Explaining worksheet items Consider the following list of accounts:
|
a. |
Accounts receivable |
f. |
Accounts payable |
|
b. |
Supplies |
g. |
Unearned service revenue |
|
c. |
Prepaid rent |
h. |
Service revenue |
|
d. |
Furniture |
i. |
Rent expense |
|
e. |
Accumulated depreciation— furniture |
|
|
Requirement
1. Explain what a normal balance in each account means. For example, if the account is “Cash,” the explanation would be “the balance of cash on a specific date.”