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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:

Requirement
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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