Question: Indicate whether a debit or credit decreases the normal balance of each of the following accounts. Decrease Normal Balance a. Dividends Credit b. Office Supplies


Indicate whether a debit or credit decreases the normal balance of each of the following accounts. Decrease Normal Balance a. Dividends Credit b. Office Supplies Credit C. Commission Revenue Debit d. Salaries Expense Credit e. Factory Credit f. Fuel Expense Credit g. Rent Expense Credit h. Rent Payable Credit i. Furniture Credit j. Land Credit k. Equipment Credit I. Common Stock Debit Classify each of the following accounts as an asset (A), liability (L), or equity (EQ) account. a. A C. L A Taxes Payable b. Supplies Interest Payable d. Accounts Receivable e. Prepaid Rent f. Dividends g. Property h. Common Stock A EQ A EQ i. Plant
Step by Step Solution
There are 3 Steps involved in it
1 Expert Approved Answer
Step: 1 Unlock
Question Has Been Solved by an Expert!
Get step-by-step solutions from verified subject matter experts
Step: 2 Unlock
Step: 3 Unlock
