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

question 161

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.
Account

---

Definitions:

Post-Closing Trial Balance

A financial statement prepared after all adjusting and closing entries are made, serving to check the balance of debits and credits.

Adjusting Entries

Journal entries made at the end of an accounting period to update account balances to reflect accrued incomes and expenses for the period.

Owner's Equity

The residual interest in the assets of an entity after deducting liabilities, representing the owner's claim on the business resources.

Net Income

The conclusive financial gain of a company upon subtracting every expense and tax from its total sales revenue.