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The Account titles are provided in no particular order....

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Accounting

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The Account titles are provided in no particular order. Assume that all accounts have normal balances according to whether the account is increased by a debit or increased by a credit. Required: In column A, indicate whether 1. Increase the account balance, 2. Decrease the account balance. In column B, classify each account according to the following scheme. For a contra account, indicate the classification of the account to which it relates. 1. A current asset in the balance sheet 2. A noncurrent asset in the balance sheet 3. A current liability in the balance sheet 4. A long-term liability in the balance sheet 5. A permanent equity account in the balance sheet 6. A revenue account in the income statement 7. An expense account in the income statement 8. Account does not appear in either the balance sheet or the income statement A B Effect of a Debit Classification EXAMPLE: Advertising expense 1 increase 7 An expense account in the income statement A B Effect of a Debit Classification Office equipment Notes payable (short-term) Cost of goods sold Accounts receivable Inventory Deferred rent revenue Salaries payable Retained earnings Interest revenue Supplies expense Prepaid rent Common stock

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