AP3 1A (Account types and normal balances) Required For each of the following accounts, identify what type of account it is and state what its normal balance would be. Use the following abbreviations for account type (A - Asset, L- Liability, SE - Shareholders' equity, R - Revenue, E- Expense, and DD - Dividends declared). If the account is a contra account, put a "C" in front of the abbreviation. 1. Accounts payable 2. Interest revenue 3. Unearned revenue 4. Buildings 5. Cost of goods sold 6. Prepaid insurance 7. Bank loan payable 8. Inventory 9. Sales revenue 10. Wages payable @ .. Fido X 5:07 PM Chapter 3 Assignment.docx 1 75% ... AP3-1A (Account types and normal balances) Required For each of the following accounts, identify what type of account it is and state what its normal balance would be. Use the following abbreviations for account type (A - Asset, L- Liability, SE - Shareholders' equity, R - Revenue, E- Expense, and DD - Dividends declared). If the account is a contra account, put a "C" in front of the abbreviation. 1. Accounts payable 2. Interest revenue 3. Unearned revenue 4. Buildings 5. Cost of goods sold 6. Prepaid insurance 7. Bank loan payable 8. Inventory 9. Sales revenue 10. Wages payable AP3-6A (Preparing journal entries and adjusting entries) Chapati Company started business on January 1, 2020. Some of the events occurred in its first year of operations follow: Transactions 1. An insurance policy was purchased on February 28 for $1,800. The insurance policy was for one year of coverage that began on March 1, 2020 2. During the year, inventory costing $140,000 was purchased, all on accou 3. Sales to customers totalled $200,000. Of these, $40,000 were cash sales. 4. Payments to suppliers for inventory that had been purchased earlier totall $110,000 5 Collections from customers on account during the year totalled $140.000