Problems Work the following parts either by completing the answers on this document or else by using Excel. Be sure to show your work! Classifications: Part I For each of the following accounts, state (a) the specific type of account (asset, liability, revenue, etc.) and (b) the normal balance - debit or credit Type of Account Normal Balance (asset, liab., etc.) debit or credit 1 cost of goods sold 2 dividends (declared) 3 accumulated depreciation 4 common stock 5 unearned rent revenue 6 dividends payable 7 interest earned 8 depreciation for the current year 9 accounts receivable 10 inventory 11 prepaid (unexpired) insurance 12 note receivable 13 retained earnings 14 investments 15 loss on sale of equipment