Below is a list of typical accounts. Required: For each account, indicate (1) The type of account
Question:
Below is a list of typical accounts.
Required:
For each account, indicate
(1) The type of account
(2) Whether the normal account balance is a debit or credit.
For type of account, choose from asset, liability, stockholders’ equity, dividend, revenue, orexpense.
Normal Balance (Debit or Credit) Accounts Tvpe of Account 1. Supplies 2. Advertising Expense 3. Prepaid Insurance 4. Supplies Expense 5. Accounts Payable 6. Equipment 7. Dividends 8. Accounts Receivable 9. Retained Earnings 10. Unearned Revenue 11. Service Revenue 12. Utilities Payable
Step by Step Answer:
Accounts Type of Account Normal Balance Debit or Credit 1 Supplies Asset Debit 2 Advertisin...View the full answer
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
Related Video
Unearned revenue is money received by an individual or company for a service or product that has yet to be provided or delivered. It can be thought of as a \"prepayment\" for goods or services that a person or company is expected to supply to the purchaser at a later date. As a result of this prepayment, the seller has a liability equal to the revenue earned until the good or service is delivered. This liability is noted under current liabilities, as it is expected to be settled within a year.
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