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 (C.) to identify the kind of entry that would increase the account balance.
Solution:
Account | Type of Account | Normal Balance | Increase ( Dr. or Cr.) | |
a. | Accounts Receiavble | Asset | Debit | Debit |
b. | Dividends | Equity | Debit | Debit |
c. | License Fee Revenue | Revenue | Credit | Credit |
d. | Unearned Revenue | Liability | Credit | Credit |
e. | Fees Earned | Revenue | Credit | Credit |
f. | Equipment | Asset | Debit | Debit |
g. | Notes Payable | Liability | Credit | Credit |
h. | Common Stock | Equity | Credit | Credit |
i. | Supplies | Asset | Debit | Debit |
j. | Accounts payable | Liability | Credit | Credit |
k. | Consulting Revenue | Revenue | Credit | Credit |
l. | Salaries Expense | Expense | Debit | Debit |
For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense:
Exercise 2-4 Identifying type and normal balances of accounts LO C4 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.
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.
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