For each of the following accounts, identify what type of account it is and state what its normal balance would be. Use the following for account type (Asset, Liability, Shareholders equity, Revenue, Expense, and Dividends declared). If the account is a contra account, put a Contra in front of the account type.

For each of the following accounts, identify what type of account it is and state whether it is a temporary or permanent account. Use the following for account type (Asset, Liability, Shareholders equity, Revenue, Expense, and Dividends declared). If the account is a contra account, put a Contra in front of the account type.

Ann and Greg Fenway run a small art gallery and custom framing business. Indicate how the basic statement of financial position accounts of assets, liabilities, and shareholders equity would be affected by each of the following transactions and activities:

For each of the following transactions, prepare journal entries: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Type of Account Normal Balance Liability 2. Interest revenue 3. Unearned revenue 4. Buildings 5 Cost of goods sold Revenue Revenue Asset Shareholders' Equity Asset Liability Asset 7. Bank loan payable 8. Inventory 9. Sales revenue 10. Wages payable Revenue Liability