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Problem 2: Classification of Accounts The following ledger accounts were used by Lani Garachico Repair Shop: a. Cash b. Salaries Expense c. Accounts Receivable
Problem 2: Classification of Accounts The following ledger accounts were used by Lani Garachico Repair Shop: a. Cash b. Salaries Expense c. Accounts Receivable d. Garachico, Capital e. Service Revenues f. Prepaid Rent g. Accounts Payable h. Land i. Supplies Expense j. Prepaid Insurance k. Utilities Expense I. Service Revenues m. Garachico, Withdrawals n. Salaries Payable o. Unearned Revenues p. Office Equipment q. Rent Payable r. Notes Receivable s. Interest Expense t. Notes Payable u. Supplies v. Interest Receivable w. Rent Expense Required: Indicate each account's classification and normal balance by placing (/) marks. Answer for letter a is provided for your reference.
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