Classify each account below using the following alternatives: Asset, Liabilities, Equity, Revenue, Expenses. Also inform where each account has its normal balance: Debit or Credit. 1. Cash 2. Account Receivable 3. Supplies 4. Prepaid Insurance 5. Truck 6. Notes Payables 7. Rent Revenue 8. Sales Revenue 9. MR Capital 10. MR Drawings 11. Truck expenses 12. Depreciation expenses 13. Wages Expenses 14. Accrual Payable 15. Accounts Payables 16. Long Term Debt

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Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.