The following accounts, in alphabetical order, were selected from recent financial statements of Krispy Kreme Doughnuts, Inc.

Accounts payable Interest income Accounts receivable Inventories Common stock Prepaid expenses Depreciation expense Property and equipment Interest expense Revenues Instructions For each account, indicate

(a) whether the normal balance is a debit or a credit, and

(b) the financial statement—balance sheet or income statement—where the account should be presented.

AppendixLO1