Question

Account		Definition	Normal Balance
Liability	Accounts Payable	Amounts the business owes to a creditor, resulting from an oral or implied promise to pay at some future date	Credit
	Accounts Receivable
	Accrued Expenses
	Accrued Interest Receivable
	Accrued Utilities
	Accrued Wages Payable
	Additional Paid-in Capital
	Advance Deposit
	Cash
	Common Stock
	Common Stock
	Expense
	Income Taxes Payable
	Inventories
	Marketable Securities
	Notes Payable
	Prepaid Expenses
	Property & Equipment
	Retained Earnings
	Revenue
	Treasury Stock
	Unearned Revenues

Answer 1

Account		Definition	Normal Balance
Liability	Accounts Payable	Amounts the business owes to a creditor, resulting from an oral or implied promise to pay at some future date	Credit
Asset	Accounts Receivable	Amount to be received due to Sales made on accounts.	Debit
Liability	Accrued Expenses	Expenses that are accrued but not paid in cash yet.	Credit
Asset	Accrued Interest Receivable	Interest that has been earned and recorded as revenue but not received in cash.	Debit
Liability	Accrued Utilities	Utility expense that has been incurred but not paid in cash.	Credit
Liability	Accrued Wages Payable	Wages that are earned by emplloyees but are not paid to them.	Credit
Equity	Additional Paid-in Capital	Paid in capital in excess of Par vallue of Common stock or preferred stock.	Credit
Liability	Advance Deposit	Deposits taken by the company as advance from customers.	Credit
Asset	Cash	Refers to cash in hand and cash at bank or equivalent such as liquid securities.	Debit
Equity	Common Stock	Shares alloted to stockholders except preffered stock.	Credit
Equity	Common Stock	Shares alloted to stockholders except preffered stock.	Credit
Expense	Expense	The amount paid to run a business.	Debit
Liability	Income Taxes Payable	Income tax expense accrued but not paid.	Credit
Asset	Inventories	Includes finished stock, work in process, Material in hand etc that will be used or sold in future to generate revenue to the business.	Debit
Asset	Marketable Securities	Securities such as bonds and shares of other companies held by business for sale or otherwise.	Debit
Liability	Notes Payable	A promessory note signed by company making it obligatory to pay a certain amount at a certain date.	Credit
Asset	Prepaid Expenses	Expenses that are paid in advance such as rent, insurance etc.	Debit
Asset	Property & Equipment	Fixed assets of company used for production of goods or administrative uses.	Debit
Equity	Retained Earnings	Accumulated undistributed profits from the start of the business.	Credit
Revenue	Revenue	Cash or receivables that occurs by selling goods and services.	Credit
Equity	Treasury Stock	Shares of the company that are owned by the company itself.	Credit
Liability	Unearned Revenues	Revenue that are received from customer but not earned yet.	Credit