Kingsborough Community College Accounting 21 Handout #1 Account classification T rype Patents Preferred Stock Prepaid Insurance Purchase Discounts Purchase Returns Purchases Retained Earnings Sales Sales Returns Service Revenue Supplies Supplies Expense Unearned Revenue Wages Expense Wages Payable Normal Balance ClosingEntryTEnanc alstatemenT categor Ins A. Complete all information for the first three columns: Classification, Type and Normal Balance using the guidelines below B. Complete Closing entry information using the guidelines below. C. Complete the Financial Statement information using the guidelines below, including Category 3. Normal Balance /A) Not (A) Asset: (L) Lability:) Permanent D)Debit C) Credit (SE) Stockholders Equity emporary (R) Revenue: (E) Expense CL) Current Labilities L/T) Long-term labilities CC) Contributed Capital 5. Financial Statement: (B/S) Balance Sheet (I/S) Income Statement R/E) Statement of Retalned Earnings (CA) Current Assets Investment Re