1st year Accounting Class 10 Find out Assets, Liability or Owner's Equity

01)the following accounts state whether it is an asset, liability or owner’s equity; also state whether it would normally have a debit or credit balance:
1. Office equipment          2. Tariq Capital 3. Notes receivable
4. Cash                         5. Drawings 6. Notes payable
7. Office supplies             8. Prepaid insurance
1st year Accounting Class 10


Account Title
Head of Account
Normal Balance
1. Office equipment
Asset
Debit
2. Tariq  Capital
Owner’s equity
Credit
3. Notes receivable
Asset
Debit
4. Cash
Asset
Debit
5. Drawings
Owner’s equity (Contra)
Debit
6. Notes payable
Liability
Credit
7. Office supplies
Asset
Debit
8. Prepaid insurance
Asset
Debit

02) the following accounts state whether they are asset, liability, owner’s equity, expense or income. Also state whether they would normally have a debit or credit balance:
1. furniture                2. Bank 3. Prepaid advertising
4. note receivable    5. Purchases 6. Unearned Commission revenue
7. Purchase Discount        8. Office equipment 9. Sales discount
10. Unexpired insurance         11. Drawings 12. Bank overdraft
13. Capital                         14. Cash 15. Office supplies
16. Merchandise inventory      17. Unexpired rent       18. Accounts receivable
19. Accounts payable             20. Salaries payable 21 accrued expense 
22. Building          23 sale 











Account Title
Head of Account
Normal Balance
Furniture
Asset
Debit
Bank
Asset
Debit
Prepaid advertising
Asset
Debit
note receivable
Asset
Debit
Purchases  
Expense 
Debit
Unearned Commission revenue
Liability
Credit
Purchase Discount
Expense 
Credit
Office equipment
Asset
Debit
Sales discount
Revenue /Income
Debit
Unexpired insurance
Asset
Debit
Drawings
Owner’s Equity
Debit
Bank overdraft
Liability
Credit
Capital         
Owner’s Equity
Credit
Office supplies
Asset
Debit
Merchandise inventory
Asset
Debit
Unexpired rent   
Asset
Debit
Accounts receivable
Asset
Debit
Accounts payable    
Liability
Credit
Salaries payable
Liability
Credit
accrued  expense 
Liability
Credit
Building 
Asset
Debit
Sale 
Revenue /Income
Credit
Sale return 
Revenue /Income
Debit


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