ULL WILLILI te proper answer is a debit or a credit. LULII UI te lens a through 1, Increase Decrease Normal Balance (a) Credit Credit (c) (b) (d) Balance sheet accounts: Asset Liability Stockholders'equity: Common Stock Retained Earnings Dividends Income statement accounts: Revenue Expense Credit (9) Debit (e) (h) Credit (f) Credit 00) (k) Credit (1) Credit Debit EX 2-5 Normal entries for accounts Obj. 2 During the month, Gates Labs Co. has a substantial number of transactions affecting each of the following accounts. State for each account whether it is likely to have (a) debit entries only, (b) credit entries only, or (c) both debit and credit entries. 1. Accounts Payable 5. Insurance Expense 2. Accounts Receivable 6. Dividends 3. Cash 7. Utilities Expense 4. Fees Earned EX 2-6 Normal balances of accounts Obj. 1, 2 Identify each of the following accounts of Liken Services Co. as asset, liability, stockholders' equity, revenue, or expense, and state in each case whether the normal balance is a debit or a credit: a. Accounts Payable f. Fees Earned b. Accounts Receivable 9. Land