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. Common shares

2. Dividends declared

3. Cost of goods sold

4. Retained earnings

5. Accumulated depreciation, equipment

6. Rent expense

7. Unearned revenue

8. Prepaid insurance

9. Land

10. Dividends payable