NORMAL BALANCES AND FINANCIAL STATEMENTS The following accounts are available for Haubstadt Shoe Works:

Accounts Payable Accounts Receivable Accumulated Depreciation, Building Accumulated Depreciation, Equipment Building Cash Common Stock Cost of Goods Sold Depreciation Expense, Building Depreciation Expense, Equipment Equipment General and Administrative Expense Interest Expense Inventory Long-Term Notes Payable Retained Earnings Sales Revenue Selling Expense Required:

Using a table like the one below, indicate whether each account normally has a debit or credit balance and indicate on which of the financial statements (income statement, statement of retained earnings, or balance sheet) each account appears.

Account Debit Credit Financial Statement Exercise