For each of the following accounts, state (a) the specific type of account (asset, liability, revenue, etc.) (b) the normal balance debit or credit and (c) whether it would be closed (as part of the year-end closing entries).

State the impact on net income in the current month under the accrual method (increase, decrease, or no effect

Classifications: Part I For each of the following accounts, state (a) the specific type of account (asset, liability, revenue, etc.) (b) the normal balance - debit or credit and (c) whether it would be closed (as part of the year-end closing entries). (a) Type of Account (b) Debit or Credit? (c) Close yes or no 1. dividends payable 2. purchase discounts lost (periodic) 3. accumulated depreciation 4. common stock 5. cost of goods sold 6. dividends (declared) 7. interest earned 8. depreciation for the current year 9. accounts receivable 10. retained earnings 11. prepaid (unexpired) insurance 12. sales returns 13. gain on sale of land 14. investments 15. unearned rent revenue Classifications: Part II State the impact on net income in the current month under the accrual method (increase, decrease, or no effect) Impact on Net Income 1. recorded interest on a note receivable; the interest and note will be received next month 2. collected a deposit on a sale of goods that will be delivered next month 3. paid cash dividends that were declared last month 4. purchased inventory for cash (perpetual system) 5. sold land for more than its cost 6. recorded this month's depreciation 7. updated unearned rent revenue by moving the current month's rent to the appropriate account 8. purchased a building by signing a mortgage payable and also giving a cash downpayment 9. accrued utilities for the month (to be paid next month) 10. recorded the expiration of this month's portion of prepaid insurance 11. signed a purchase order for goods to be received next year 12. issued bonds payable