Complete the following table: The normal balance of the account is Dr/Cr? To increase the account Dr
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Question:
Complete the following table:
| The normal balance of the account is Dr/Cr? | To increase the account Dr or Cr? | To decrease the account Dr or Cr? |
Asset accounts (e.g. loan receivable) |
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Liability accounts (e.g. loan payable) |
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Equity (meaning Total Equity*) |
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*Total Equity is made up of the following accounts: | | ||
Share capital |
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Retained earnings (RE) or Retained profits (RP) |
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Asset revaluation surplus (ARS) |
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Income accounts (e.g. Sales) |
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Expense accounts (e.g. Rent expense) |
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Dividends declared |
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Related Book For
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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