For Each of the Accounts Listed Below,indicate Whether the Typical

question 110

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For each of the accounts listed below,indicate whether the typical or normal balance is a debit or credit. $\begin{array}{l}\begin{array}{l}\text { 1. Unearned revenue } \\\text {2. Accounts receivable } \\\text {3. Retained earnings } \\\text {4. Prepaid insurance } \\\text { 5. Notes payable } \\\text { 6. Contributed capital} \\\text { 7. Accounts payable} \\\text { 8. Land }\\\text { 9. Inventory }\\\text { 10. Equipment }\\\end{array}\begin{array}{rl}\text {Debit 9}\\\text {Credit 5}\\\text {Credit 3}\\\text {Debit 10}\\\text {Debit 4}\\\text {Debit 2}\\\text {Debit 8}\\\text {Credit 6}\\\text {Credit 7}\\\text {Credit 1}\\\end{array}\end{array}$

Recognize the various types of expenses and their implications in financial management.

Comprehend the concept of owners' equity and its role in a firm's financial structure.

Explain the purpose and process of depreciation in accounting.

Understand the significance of revenue, net income, and expense in financial statements.

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Definitions:

Lenni Lenape Indians

A Native American tribe originally inhabiting parts of the Northeastern United States, also known as the Delaware Indians.

Inconsequential

means not important or significant; having little or no importance.

Deceptive

Pertaining to or involving deceit; misleading or giving a false impression.

Convicted Criminals

Individuals who have been found guilty of committing a crime by a court of law.