Basics Review

What type of an account is "Cash?"

• Asset

• Liability

• Owner's Equity

• Revenue

What type of an account is "Capital, Polly Knutson?"

• Asset

• Liability

• Owner's Equity

• Revenue

What type of an account is "Accounts Receivable?"

• Asset

• Liability

• Owner's Equity

• Expense

What type of an account is "Accounts Payable?"

• Asset

• Liability

• Owner's Equity

• Expense

What type of an account is "Equipment?"

• Asset

• Liability

• Owner's Equity

• Expense

What type of an account is "Drawing, Polly Knutson?"

• Asset

• Liability

• Owner's Equity

• Revenue

What type of an account is "Depreciation Expense?"

• Asset

• Liability

• Owner's Equity

• Expense

What type of an account is "Notes Payable?"

• Asset

• Liability

• Owner's Equity

• Expense

The normal balance of an asset is a

• Debit

• Credit

The normal balance of a liability is a

• debit

• credit