For Each of the Following (1)identify the Type of Account

question 27

Essay

For each of the following (1)identify the type of account as an asset,liability,equity,revenue,or expense,and (2)identify the normal balance of the account.
$\begin{array}{|l|l|l|}\hline \text { Account Title } & \text { Account Type } & \begin{array}{l}\text { Normal Balance } \\\text { (Debit or Credit) }\end{array} \\\hline \text { a. Prepaid Insurance } & & \\\hline \text { b. Accounts Payable } & & \\\hline \text { c. Common Stock } & & \\\hline \text { d. Utilities Expense } & & \\\hline \text { e. Land } & & \\\hline \text { f. Services Revenue } & & \\\hline \text { g. Notes Receivable } & & \\\hline \text { h. Advertising Expense } & & \\\hline \text {i. inearned Revenue } & & \\\hline \text {j. Service Revenue } & & \\\hline\end{array}$

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Definitions:

Risk-free Interest Rate

The yield from an investment that carries no risk of losing money, often linked to government securities.

Exercise Price

The predetermined price at which the option holder can buy (call option) or sell (put option) the underlying security.

Incentive Bonuses

Additional compensation given to employees as a form of encouragement to exceed performance goals.

Stipulated Benchmark

A predefined standard against which the performance of an investment or fund is measured.