Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver

Exercise 22

Explaining worksheet items
Link Back to Chapters 2 and 3 ( Definitions of Accounts ). Consider the following list of accounts:
a. Accounts receivable
b. Supplies
c. Prepaid rent
d. Furniture
e. Accumulated depreciation-furniture
f. Accounts payable
g. Unearned service revenue
h. Service revenue
i. Rent expense
Requirement
1. Explain what a normal balance in each account means. For example, if the account is "Cash," the explanation would be "the balance of cash on a specific date."