books/970126019272B/c/15044/460.00273 Totals $728 $503 EXERCISES Exercise 2-1 Classifying accounts LO2, 3 The following accounts are from Yoojin Chang's interior design company, Big Apple Design. For each account. complete the following. The first one has been completed for you as an example. (1) The basic account category (asset, liability, owner's capital, withdrawal, revenue, or expense) (2) The financial statement the account is recorded on (Income Statement, Statement of Changes in Equity, or Balance Sheet). (3) The normal balance (debit or credit). (4) The effect of a debit to the account increase or decrease). (5) The effect of a credit (increase or decrease). a. Cash b. Supplies c. Accounts payable d. Yoojin Chang, Capital Account e. Yoojin Chang, Withdrawals f. Design Revenue g. Salaries Expense h. Accounts Receivable i. Notes Payable j. Prepaid Insurance (1) Basic Account Asset (2) Financial Statement Balance Sheet (3) Normal Balance Debit (4) Effect of a Debit increase (5) Effect of a Credit Decrease ON e