Use the following account descriptions for journal entries. Chart of Accounts Account Type Account Number Account Title Normal Balance Assets 111 Cash Debit 117 Prepaid Insurance Debit 119 Repair Supplies Debit 144 Repair Equipment Debit 145 Accum Dep -Repair Equipment Credit Liabilities 212 Accounts Payable Credit 213 Income Tax Payable Credit Stockholders Equity 311 Common Stock Credit 312 Retained Earnings Credit 313 Dividends Debit Revenue 411 Bicycle Repair Revenue Credit Expenses 511 Store Rent Expense Debit 512 Utility Expense Debit 513 Insurance Expense Debit 514 Repair Supplies Expense Debit 515 Dep Expense – Repair Equipment Debit 516 Income Tax Expense Debit
