For each the following accounts, indicate (a) if the account is an asset, liability, or owner's equity

Question:

For each the following accounts, indicate (a) if the account is an asset, liability, or owner's equity account; and (b) whether the account would have a normal debit or credit balance.
1. Accounts Receivable
2. Accounts Payable
3. Equipment
7. Unearned Revenue
4. Rent Expense
5. B. Dam, Drawings
6. Supplies
8. Cash
9. Service Revenue
10. Prepaid Insurance
11. Utilities Expense
12. Notes Payable
Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...
Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Accounting Principles Part 1

ISBN: 978-1118306789

6th Canadian edition

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow

Question Posted: