For each of the following accounts, indicate (a) whether the account would have a normal debit or

Question:

For each of the following accounts, indicate (a) whether the account would have a normal debit or credit balance, and (b) the appropriate statement classifi cation (income statement, statement of changes in equity, statement of financial position) for each.
1. Equipment
4. Dividends
5. Supplies
6. Service Revenue
7. Unearned Revenue
8. Income Tax Expense
9. Prepaid Rent
10. Bank Loan Payable
Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...