Business Accounting

Test $1$

Matching

Which of the following general types of accounts are each of these examples:

A$)$ Current Asset

B$)$ Long Term Asset

C$)$ Contra Asset

D$)$ Current Liability

E$)$ Long Term Liability

G$)$ Owner's Equity

H$)$ Contra Owner's Equity

Revenue

J$)$ Contra Revenue

K$)$ Expenses

Please identify the type of account and natural balance. I have completed the first answer

for you.

Hint: The accounting summary handout explains natural or $($normal balance$)$ and the use

of debits and credits.

Type of Account Natural Balance

Depreciation Expense

Account Payable

Fees Charged

Land

Sales Returns & Allowances

Common Stock

Accrued Wages Payable

Building $(20$ years$)$

Marketable Securities

Prepaid Insurance $(8$ months$)$

Electric Bill

Accounts Receivable

Patent years$)$

Accumulated Depreciation

Sales

John Smith Capital

Dividends

Mortgage Payable $(20$ years$)$

Cash

Supplies

Debit

K

$\_$Debit