Question: ?For each of the following, ( 1 ) ?identify the account as an asset, liability, equity, revenue, or expense; ( 2 ) identify the normal
?For each of the following, ?identify the account as an asset, liability, equity, revenue, or expense;
identify the normal balance of the account; and ?enter debit or credit to identify the kind of entry
that would increase the account balance.
b ?The owners claim on a companys assets is called
c ?Accounts Payable and Notes Payable are examples of accounts.
d ?Accounts Receivable, Prepaid Accounts, Supplies, and Land are examples of accounts.
e ?An ?is a record of increases and decreases in a specific asset, liability, equity, revenue, or expense
item.
?Chart
?General ledger
?Journal
?Account
?Source document
a ?An ?of accounts is a list of all accounts a company uses, not including account balances.
b ?The is a record containing all accounts used by a company, including account balances.
c ?An ?describes transactions entering an accounting system, such as a purchase order.
d ?Increases and decreases in a specific asset, liability, equity, revenue, or expense are recorded in an
e ?An ?has a complete record of every transaction recorded.
a ?Land
b ?Cash
c ?Legal Expense
d ?Prepaid Insurance
e ?Accounts Receivable
f ?Tour Service Revenue
g ?Unearned Revenue
h ?Services Revenue
i ?Equipment
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