Classification of Accounts
e2A. ConCept
The following ledger accounts are for Afocentric Service Corporation:
a. Supplies
b. Utilities Expense
c. Accounts Receivable
d. Common Stock
e. Land
f. Prepaid Rent
g. Accounts Payable
h. Investments in Securities
i. Service Revenue
j. Supplies Expense
k. Prepaid Insurance
l. Wages Expense
m. Fees Earned
n. Dividends
o. Wages Payable
p. Unearned Revenue
q. Office Equipment
r. Rent Payable
s. Notes Receivable
t. Interest Expense
u. Notes Payable
v. Cash
w. Interest Receivable
x. Rent Expense
y. Income Taxes Payable
z. Income Taxes Expense
Complete the following table, using X's to indicate each account's classification and normal balance (whether a debit or a credit increases the account).
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Stockholders equity
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Common stock
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Retained Earnings
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Asset
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Liabilities
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Stock
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Dividends
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Revenue
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Expense
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Normal Balance
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Credit
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Credit
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Credit
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Debit
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Debit
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Credit
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Debit
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a. Supplies
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x
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