In the blank space beside each account, enter the code for the financial statement column (IS or BS) where a normal account balance is extended. Use IS for the Income Statement column or BS for the Balance Sheet and Statement of Owner’s Equity column. a. Equipment b. Owner, Withdrawals c. Prepaid Rent d. Depreciation Expense e. Accounts Receivable f. Insurance Expense g. Supplies h. Rent Expense i. Cash

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Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.