Question

Classify each of the accounts from Stance Company as Asset (A), Liability (L), Stockholders Equity (SE), Revenue (R), Expense (E), or Dividend (D) and also indicate the typical balance in the account as Debit (D) or Credit (C)  

Prepaid Rent

Depreciation

Investment

Accrued Expense

Sales

Common Stock

Note Payable

Accumulated Depreciation

Cost of Goods Sold

Unearned Revenue

Accounts Receivable

Dividends

Utilities

Paid in Capital

Retained Earnings

Answer 1

Prepaid Rent	Asset	Debit
Depricaiton	Expense	Debit
Investment	Asset	Debit
Accrued expense	Liability	Credit
Sales	Revenue	Credit
Common sale	Stockholder's equity	Credit
Note payable	Liability	Credit
Accumulated depriciation	Asset	Credit
Cost of goods sold	Expense	Debit
Unearned revenue	Liability	Credit
Accounts receivable	Asset	Debit
Dividends	DIVIDEND	Debit
Utilties	Asset	Debit
Paid in capital	Stockholder's equity	Credit
Retained earnings	Stockholder's equity	Credit

Asset is a resource controlled by entity form economic benefits are to be derived from future

Liability are possible future outflows arising from present obligation of an entity

exoenses are money spend by an entiy fo running of business and generating revenues

revenues are the amoutns whhich the company accumulates due to its operations