1) identify the type of account as an asset, liability, equity, revenue, or expense; (2) identify the normal balance of the account; and (3) select debit (Dr.) or credit (Cr.) to identify the kind of entry that would increase the account balance. This table presents a classification of various financial items, indicating their associated account type as well as their typical debit or credit status:- **f. Supplies** - Account Type: Asset- **g. Accounts Payable** - Account Type: Liability- **h. Consulting Revenue** - Account Type: Credit - Typical Entry: Credit- **i. Salaries Expense** - Account Type: Debit - Typical Entry: Debit- **j. Utilities Expense** - Account Type: Debit - Typical Entry: Debit- **k. Prepaid Rent** - Account Type: Expense- **l. Wages Payable** - Account Type: EquityThis table provides a clear overview of how each financial element is categorized in accounting, helping to understand the nature of each account type which could be an asset, liability, or equity, and how they are typically recorded within financial statements.

Name: 1) identify the type of account as an asset, liability, equity, revenu
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: 1) identify the type of account as an asset, liability, equity, revenue, or expense; (2) identify the normal balance of the account; and (3) select debit (Dr.) or credit (Cr.) to identify the kind of entry that would increase the account balance. Thi