Required:

For each activity, indicate the impact on the accounting equation. After doing so for all transactions, ensure that the accounting equation remains in balance.

P$2-3$A Below is a list of typical accounts.

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Accounts

Salaries Payable

Common Stock

Prepaid Rent

Buildings

Utilities Expense

Equipment

Rent Expense

Notes Payable

Salaries Expense

Insurance Expense

Cash

Service Revenue

Type of Account

Normal Balance

$($Debit or Credit$)$

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