Normal Account Balances For each account listed in E 3-26, indicate whether it would normally have...

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Normal Account Balances

For each account listed in E 3-26, indicate whether it would normally have a debit (DR) balance or a credit (CR) balance.

E 3-26

Classification of Accounts

For each of the accounts listed, indicate whether it is an asset (A), a liability (L), or an owners’ equity (OE) account. If it is an account that affects owners’ equity, indicate whether it is a revenue (R) or expense (E) account

1. Cash

2. Sales

3. Accounts Receivable

4. Cost of Goods Sold

5. Insurance Expense

6. Capital Stock

7. Mortgage Payable

8. Salaries and Wages Expense

9. Retained Earnings

10. Salaries Payable

11. Accounts Payable

12. Interest Revenue

13. Inventory

14. Interest Receivable

15. Notes Payable

16. Equipment

17. Office Supplies

18. Utilities Expense

19. Interest Payable

20. Rent Expense

Robert · Accepted Answer

E 3-26 
Classification of Accounts 
For each of the accounts listed, indicate whether it is an asset (A), a liability (L), 
or owners’ equity (OE) account. If it is an account that affects owners’ equity, 
indicate whether it is revenue (R) or expense (E) account 
 
Account Asset, Liability , Owner’s Equity 
1.

Normal Account Balances For each account listed in E 3-26, indicate whether it would normally have a debit (DR) balance or a credit (CR) balance. E 3-26 Classification of Accounts For each of the...

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