What are the account classifications

1. Asset Liability Owner’s Equity Revenue Expense What are the account classifications

2. Owner’s Equity Credit Expense Debit Liability Credit Asset Debit Revenue Credit What is the normal balance

3. Capital Credit Utilities Expense Debit Cash Debit Accounts Receivable – XYZ. Co. Debit Supplies Debit Sales Credit Accounts Payable – ABC. Co. Credit Prepaid Insurance Debit Drawing Debit What is the normal balance

4. Supplies Expense Debit Office Equipment Debit Sales Tax Payable Credit Advertising Expense Debit Service Fees Credit Truck Debit Petty Cash Debit Prepaid Insurance Debit Income Summary What is the normal balance

5. Capital Credit Utilities Expense Debit Cash Debit Accounts Receivable – XYZ. Co. Debit Supplies Debit Sales Credit Accounts Payable – ABC. Co. Credit Prepaid Insurance Debit Drawing Debit What is the increase side

6. Supplies Expense Debit Office Equipment Debit Sales Tax Payable Credit Advertising Expense Debit Service Fees Credit Truck Debit Petty Cash Debit Prepaid Insurance Debit Income Summary What is the increase side

7. Capital PERM Utilities Expense TEMP Cash PERM Accounts Receivable – XYZ. Co. PERM Supplies PERM Sales TEMP Accounts Payable – ABC. Co. PERM Prepaid Insurance PERM Drawing TEMP Permanent or Temporary

8. Supplies Expense TEMP Office Equipment PERM Sales Tax Payable PERM Advertising Expense TEMP Service Fees TEMP Truck PERM Petty Cash PERM Prepaid Insurance PERM Income Summary TEMP Permanent or Temporary

9. Capital BS Utilities Expense IS Cash BS Accounts Receivable – XYZ. Co. BS Supplies BS Sales IS Accounts Payable – ABC. Co. BS Prepaid Insurance BS Drawing BS Income Statement / Balance sheet

10. Supplies Expense IS Office Equipment BS Sales Tax Payable BS Advertising Expense IS Service Fees IS Truck BS Petty Cash BS Prepaid Insurance BS Income Summary NEITHER Income Statement / Balance sheet