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Accounting
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1. What type of account is Prepaid Insurance?

a. asset

b. contra asset

c. liability

d. stockholder's equity

e. contra stockholder's equity

f. revenue

g. expense

 

2. What is the normal balance of prepaid insurance? 

a. Debit

b. Credit

 

3. Which financial statement does prepaid insurance appear?

a. Income Statement

b. Statement of Retained Earnings

c. Balance Sheet

 

 

 

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Romarie Khazandra Marijuan
Romarie Khazandra MarijuanLv10
16 Jan 2021
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Account Tracking form provided:

Account Title -> copy the name of the accounts from the listbelow

Account Major Classification -> Asset (A), Liability (L),Owner’s Equity (OE), Revenue (R) or Expense (E) or Not Applicable(NA)

Contra account -> place a check mark in this column if theitem is a contra account

Account Sub Classification -> only to be used with Asset andLiability accounts; Current Asset (CA); Property, Plant &Equipment (PPE); Current Liability (CL), Long-term Liability (LTL)or Not Applicable (NA)

Normal Balance -> debit (DR), credit (CR) or Not Applicable(NA)

Financial Statement-> Income Statement (IS), Statement ofOwner’s Equity (SOE), Balance Sheet (BS) or Not Applicable (NA)

Temporary or Permanent -> T for temporary (nominal) accountsand P for permanent (real) accounts

Accounts Payable

Accounts Receivable

Accumulated Depreciation

Advertising Expense

Buildings

Cash

Depreciation Expense

Fees Earned

Income Summary

Insurance Expense

Interest Payable (due in 1 month)

Interest Receivable (due in 2 months)

Joey Bee, Capital

Joey Bee, Drawing

Land

Notes Payable (due in 3 years)

Notes Receivable (due in 2 months)

Office Equipment

Prepaid Insurance

Prepaid Rent

Rent Expense

Notes Payable (due in 2 months)

Store Equipment

Supplies

Supplies Expense

Taxes Payable (due in 4 months)

Unearned Fees

Unearned Rent

Unearned Revenue

Wages Payable

What is the type of account and normal balance of allowance for doubtful accounts?

a. Contra asset, credit

b. Asset, debit

c. Asset, credit

d. Contra asset, debit

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