For each of the following accounts, indicate the (a) effect of a debit or credit on...

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For each of the following accounts, indicate the (a) effect of a debit or credit on the account, (b) normal balance, and (c)

business accounting

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Answer 1

Answer #1

Classification

	a		b	c
	Debit effect	Credit effect	Normal balance	Statement classification
Bank loan payable	Decrease	Increase	Credit	Statement of financial position
Property tax expense	Increase	decrease	Debit	Income statement
Fees earned	Decrease	Increase	Credit	Income statement
Cash	Increase	Decrease	Debit	Statement of financial position
Unearned revenue	Decrease	Increase	Credit	Statement of financial position
Building	Increase	Decrease	Debit	Statement of financial position
Dividends declared	Increase	Decrease	Debit	Statement of financial position, statement of changes in equity
Common shares	Decrease	Increase	Credit	Statement of financial position, statement of changes in equity
Prepaid rent	Increase	Decrease	Debit	Statement of financial position
Retained earnings	Decrease	Increase	Credit	Statement of financial position, Statement of changes in equity

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Answer 2

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