Accounting and Finance Foundations

Unit 5

Accounting and Finance Foundations Unit 5: Accounting Terminology 363

Accounting Terminology

Chapter 14

Lesson 14.4

Student Assignment

Account Classification and Normal Balances

Classify the accounts:

Put the correct letter on the line in front of the number. Use the following letters to answer the questions.

A = Assets

L = Liability

C = Capital

R = Revenue

E = Expenses

____ 1. Accounts Receivable

____ 2. Owner’s Equity

____ 3. Salary Expense

____ 4. Accounts Payable

____ 5. Supplies

____ 6. Rent Expense

____ 7. Drawing

____ 8. Prepaid Insurance

____ 9. Cash

____ 10. Sales

What is the normal balance?

Put a “D” for Debit and a “C” for Credit.

____ 1. Rent Expense

____ 2. Accounts Payable

____ 3. Supplies

____ 4. Cash

____ 5. Capital

____ 6. Drawing

____ 7. Revenue

____ 8. Accounts Receivable

____ 9. Sales

____ 10. Prepaid Insurance

Name: _____________________________________________________ Date: ___________________