Identifying type and normal balances of accounts For each of the following (1) identify the type of
Question:
Identifying type and normal balances of accounts For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense, (2) enter debit (Dr.) or credit (Cr.) to identify the kind of entry that would increase the account balance, and (3) identify the normal balance of the account.
a. Accounts Payable
b. Postage Expense
c. Prepaid Insurance
d. Land
e. Owner Capital
f. Accounts Receivable
g. Owner Withdrawals
h. Cash
i. Equipment
j. Fees Earned
k. Wages Expense
I. Unearned Revenue
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
College Accounting Ch 1-14
ISBN: 9780073346892
1st Edition
Authors: John Wild, Vernon Richardson, Ken Shaw
Question Posted: