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

question 10

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.
$\begin{array} { | l | l | l | } \hline \text { Account Title } & \text { Account Type } & \begin{array} { l } \text { Normal Balance } \\\text { (Debit or Credit) }\end{array} \\\hline \text { a. Prepaid Insurance } & & \\\hline \text { b. Accounts Payable } & & \\\hline \text { c. J. Jason, Capital } & & \\\hline \text { d. Utilities Expense } & & \\\hline \text { e. Land } & & \\\hline \text { f. Services Revenue } & & \\\hline \text { g. Notes Receivable } & & \\\hline \text { h. Advertising Expense } & & \\\hline\end{array}$
$$\begin{array} { | l | l | l | } \hline \text { i. Unearned Revenue } & \quad\quad&\quad\quad \\\hline \text { j. Service Revenue } & & \\\hline\end{array}$$

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Definitions:

Unsecured Creditors

Creditors who have lent money without any specific collateral, standing at a higher risk in case of the debtor's bankruptcy.

Bankruptcy Petition

A formal request filed in court by an entity or individual seeking relief from their debts under the laws of bankruptcy.

Unsecured Liabilities

Obligations or debts of a company that are not backed by collateral, making them riskier for lenders.

Priority

The established precedence or importance assigned to a task, project, or obligation, influencing the order or sequence of actions.