For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense; (2) identify the normal balance of the account; and (3) enter debit (Dr.) or credit (Cr.) to identify the kir of entry that would increase the account balance. a. Land b. Cash c. Legal Expense d. Prepaid Insurance e. Accounts Receivable f. Owner, Withdrawals g. License Fee Revenue h. Unearned Revenue i. Fees Earned j. Equipment k. Notes Payable I. Owner, Capital

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A:

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A:

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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.