Exercise 2-5 (Algo) Identifying type and normal balances of accounts LO C2 For each of the following (1) identify the account as an asset, liability, equity, revenue, or expense; (2) identify the normal balance of the account; and (3) select debit or credit to identify the kind of entry that would increase the account balance. Normal Balance Increase (Debit or Credit) Type of Account Expense Account a. Prepaid Rent b. Wages Payable c. Notes Receivable d. Land e. Cash f. Legal Expense g. Prepaid Insurance h. Accounts Receivable i. Equipment i. Tour Service Revenue k. Unearned Revenue Services Revenue