ce Problems Saved Exercise 2-6A Indicate the debit or credit balance of accounts (LO2-3) Below is a list of common accounts. Required: Indicate whether the normal balance of each account is a debit or a credit. Debit or Credit Accounts 1. Cash 2. Service revenue 3. Salaries expense 4. Accounts payable 5. Equipment 6 Retained earnings 1. Utilities expense 8 Accounts receivable 9 Dividends 10. Common stock Hokies uses the following accounts: Accounts Payable Cash Prepaid Rent Common Stock Salaries Payable Equipment Supplies Rent Expense Notes Payable Salaries Expense Accounts Receivable Utilities Expense Service Revenue Retained Earnings Dividends Required: Indicate which accounts should be debited and which should be credited for the following transactions of Hokies company Account Credited Account Debited Equipment Cash Transactions Example Purchase equipment in exchange for cash 1. Pay a cash dividend 2. Pay rent in advance for the next three months 3. Provide services to customers on account 4 Purchase office suppllus on account 5. Pay salaries for the current month 6 Issue common stock in exchange for cash 7. Collect cash from customers for services provided in () above Borrow.cash from the bank and sign a note 9. Pay for the current month's unities 10. Pay for office supphes purchased in (4) Above