State for each account whether it is likely to have (a) Debit entries only (b) Credit entries
Question:
(a) Debit entries only
(b) Credit entries only
(c) Both debit and credit entries. Also, indicate its normal balance.
1. Prepaid Insurance
2. Rent Revenue
3. Li Xu, Drawing
4. Miscellaneous Expense
5. Accounts Payable
6. Cash
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Related Book For
Accounting
ISBN: 978-0324401844
22nd Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
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