Exercise 2-4 Identifying type and normal balances of accounts LO C4 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) select debit (Dr) or credit (Cr) to identify the kind of entry that would increase the account balance. Normal Balance Increase (Dr. or Cr.) Type of Account l'Asset Account a. Cash b. Legal Expense c. Prepaid Insurance d. Accounts Receivable e Owner, Withdrawals 1. License Fee Revenue 9. Unearned Revenue h Fees Earned 1. Equipment Notes Payable * Owner, Capital I Supplies