Identifying account categories The following is a list of ledger account titles extracted from the general ledger of A. Sullivan, marketing consultantRequired

(a) Identify each of the ledger accounts as either an asset, a liability, an income or an expense account. If you think that any of the accounts might fit into more than one of these categories, explain why.

(b) For each of the accounts listed, indicate (1) whether increases are recorded as debits or credits and (2) whether the normal balance is a debit or a credit.

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Wages and salaries Interest Cash at bank J. Sullivan, capital Accounts payable Land (under mortgage) Furniture & fittings Accounts receivable Motor vehicles Rent Mortgage payable Consultancy fees Investments Office equipment Inventory, marketing materials