For each of the following identify the type of account as an asset, liability, equity, revenue, or expense. Account Type of Account a.cash b.Legal Expense c.Prepaid Insurance d.Land e.Accounts receivable f.Diveidends g.License fee revenue h.Unearned revenue i.Fees Earned j.Equipment k.Notes Payable l. Common stock Solution a.cash - assets b.Legal Expense - expense c.Prepaid Insurance - asset d.Land - asset e.Accounts receivable - asset f.Diveidends - equity g.License fee revenue - revenue h.Unearned revenue - liability i.Fees Earned - revenue j.Equipment - asset k.Notes Payable - liability l. Common stock - equity .

1. For each of the following identify the type of account as an asset, liability, equity, revenue, or
expense.
Account Type of Account
a.cash
b.Legal Expense
c.Prepaid Insurance
d.Land
e.Accounts receivable
f.Diveidends
g.License fee revenue
h.Unearned revenue
i.Fees Earned
j.Equipment
k.Notes Payable
l. Common stock
Solution
a.cash - assets
b.Legal Expense - expense
c.Prepaid Insurance - asset

2. d.Land - asset
e.Accounts receivable - asset
f.Diveidends - equity
g.License fee revenue - revenue
h.Unearned revenue - liability
i.Fees Earned - revenue
j.Equipment - asset
k.Notes Payable - liability
l. Common stock - equity