For Each of the Accounts in the Following Table (1)

question 71

Essay

For each of the accounts in the following table (1) identify the type of account as an asset, liability, equity, revenue, or expense, and (2) identify the normal balance of the account.
$$\begin{array} { | l | l | l } \hline & \text { Account Type } & \text { Normal Bal ance } \\\hline \text { a. Wages Expense } & & \\\hline \text { b. Accounts Receivable } & & \\\hline \text { c. Commissions Eamed } & & \\\hline \text { d. Salaries Payable } & & \\\hline \text { e. Owner, Capital } & & \\\hline \text { f. Unearned Advertising Revenue } & & \\\hline \text { g. Salaries Expense } & & \\\hline \text { h. Maganine Subscription Revenue } & & \\\hline \text { i. Owner, Withdrawal } & & \\\hline \text { j. Prepaid Insurance } & & \\\hline\end{array}$$

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Definitions:

Reorganization

The process by which a company changes its structure, strategies, or operations, often to increase efficiency or to adapt to new markets.

Administrative Expenses

Expenses related to the general operation of a business, such as salaries of non-sales personnel, rent, utilities, and office supplies.

Accounts Receivable

Money owed to a company by its customers for products or services that have been delivered or used but not yet paid for.

Bankruptcy Reform Act

Refers to legislation enacted to reform the bankruptcy law, such as the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, which introduced significant changes to filing requirements and procedures.