co- E An accounting record where transactions are recorded in chronological (late) order Kohayashi Company has the following accounts Idemtify type of account financial statement, and normal balance. Explain 0) Normal Balance normal balances. Account Type of Account Asset O 1) Financial Statement Balance Sheet Debit Cash AM. Kobayashi, Capital Accounts Payable Building Fees Earned Insurance Expense Interest Revenue M. Kobayashi, Drawings Notes Receivable Prepaid Insurance Rent Expense Supplies Instructions (a) Complete the table. Identify (1) the type of account as asset, liability, or owner's equity (for owner's equity accounts, also identify if it is a capital, drawings, revenue, or expense account): (2) what financial statement it is presented on; and (3) the normal balance of the account. The first one has been done for you as an example (b) Explain why the normal balance for each of the different types of accounts is either a debit or credit. Refer to the accounting equation in your explanation