For Each of the Accounts in the Following Table (1) $\quad$

question 10

Short Answer

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.
$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ Account Type $\quad$$\quad$ Normal Balance
a. Wages Expense
b. Accounts Receivable
c. Commissions Earned
d. Salaries Payable
e. Common Stock
f. Unearned Advertising Revenue
g. Salaries Expense
h. Subscription Revenue
i. Dividends
j. Prepaid Insurance

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Definitions:

Executory Contracts

Contracts under which both parties to the agreement have duties remaining to be performed. If a contract's major obligations are unfulfilled by both parties, it is seen as executory.

One-Year Provision

The one-year provision is a legal clause, often found in statutes of frauds, which requires certain contracts to be in writing and signed if they cannot be performed within one year.

Majority Rule

A principle in democracy stating that the decisions and choices of the greater number of participants should guide the actions and policies of the group.

Integrated Contracts

An integrated contract is a written agreement that constitutes the final and complete understanding between parties, encompassing all terms and conditions.