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 the type of account, choose from asset, liability, stockholders’ equity, dividend, revenue, orexpense.
Transcribed Image Text:
Nornal Balance Accounts Type of Account (Debit or Credit) 1. Salaries Payable 2. Common Stock 3. Prepaid Rent 4. Buildings 5. Utilities Expense 6. Equipment 7. Rent Expense 8. Notes Payable 9. Salaries Expense 10. Insurance Expense 11. Cash 2.Service Revenue
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Accounts Type of Account Normal Balance Debit or Credit 1 Salaries Payable Liability Cr...View the full answer
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Related Book For
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
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