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: ___________________