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Link Back to Chapters 2 and 3

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S4-2 Explaining worksheet items [10-15 min]

Link Back to Chapters 2 and 3 (Definitions of Accounts). Consider the following list of accounts:

a. Accounts receivable
b. Supplies
c. Prepaid rent
d. Furniture
e. Accumulated depreciation— furniture
f. Accounts payable
g. Unearned service revenue h. Service revenue
i. Rent expense

1. Explain what a normal balance in each account means. For example, if the account is “Cash,” the explanation would be “the balance of cash on a specific date.”

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