For each of the following (1) identify the type of account as an asset, lability, equity,...

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For each of the following (1) identify the type of account as an asset, lability, 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 Type of Account Normal Balance Increase (Dr. or Cr.) a. Land b. Cash c. Legal Expense d. Prepaid Insurance e Accounts Receivable f Owner, Withdrawals g License Fee Revenue h. Unearned Revenue i Fees Earned ) Equipment k Notes Payable L Owner, Capital

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Answer 1

Answer #1

	Account	Type of account	Normal Balance	Increase(Dr.or Cr.)
a.	Land	asset	Debit	Dr.
b.	Cash	asset	Debit	Dr.
c.	Legal Expense	expense	Debit	Dr.
d.	Prepaid insurance	asset	Debit	Dr.
e.	Account receivable	asset	Debit	Dr.
f.	Owner, Withdrawl	equity	credit	Cr.
g.	Licence fee revenue	revenue	credit	Cr.
h.	Unearned revenue	liability	credit	Cr.
I.	Fees earned	revenue	credit	Cr.
j.	Equipment	asset	debit	Dr.
k.	Notes payable	liability	credit	Cr.
l.	Owner,Capital	equity	credit	Cr.

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