Homework Answers
Answer:
| Long-term investments | Common stock | Dividends | |||||
| - | + | - | + | + | - | ||
| Debit | Credit | Debit | Credit | Debit | Credit | ||
|
Normal Balance |
Normal Balance |
Normal Balance |
|||||
| Pension Expense | Legal Fees payable | Service revenue | |||||
| + | - | - | + | - | + | ||
| Debit | Credit | Debit | Credit | Debit | Credit | ||
|
Normal Balance |
Normal Balance |
Normal Balance |
|||||
Explanation:
In the T-Account, left side is Debit and Right side is credit.
"Assets","Expenses" and "Dividends" have 'debit balance' as their normal balances. These are increased(+) by debit and decreased(-) by credit.
"Liabilities", "Revenues" and "Equity" have 'credit balance' as their normal balances. These are Increased(+) by credit and decreased(-) by debit.
So that,
Expense: Pension expense, and
Dividends: Dividends; have 'debit balance' as their normal balances and increased(+) by debit and decreased(-) by credit
.
Liabilities: Long-term investments, Legal fees payable,
Equity: Common stock, and
Revenues: Service revenue; have 'credit balance' as their normal balances and Increased(+) by credit and decreased(-) by debit.
Add Answer to:
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