For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense; (2) identify the normal balance of the account;

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For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense; (2) identify the normal balance of the account;

For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense; (2) identify the normal balance of the account; and (3) select debit (Dr.) or credit (Cr.) to identify the kind of entry that would increase the account balance.

business accounting

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Answer 1

Answer #1

	Account	Type of Account	Normal Balance	Increase ( Dr. or Cr.)
a.	Land	Asset	Debit	Debit
b.	Cash	Asset	Debit	Debit
c.	Legal expense	Expense	Debit	Debit
d.	Prepaid insurance	Asset	Debit	Debit
e.	Accounts receivable	Asset	Debit	Debit
f.	Dividends	Equity	Debit	Debit
g.	License fee revenue	Revenue	Credit	Credit
h.	unearned revenue	Liability	Credit	Credit
i.	fees earned	Revenue	Credit	Credit
j.	equipment	Asset	Debit	Debit
k.	notes payable	Liability	Credit	Credit
l.	common stock	Equity	Credit	Credit

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Answer 2

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