Identify the normal balance (debit or credit) for each of the following accounts 2 Normal Ending...

Question

Question

Identify the normal balance (debit or credit) for each of the following accounts 2 Normal Ending Balance a Rental Revenue b N

Answer 1

Answer #1

Rental revenue	Credit	It is an income
Note receivable	Debit	It is an asset
Haircutting revenue	Credit	It is an income
Common stock	Credit	It is a shareholders equity appear as liability
Prepaid rent	Debit	It is an asset
Dividends	Debit	It will be closed to retained earnings at the end of the accounting year.
Salaries payable	Credit	it is a liability
Accounts payable	Credit	it is a liability
Prepaid insurance	Debit	It is an aset

Answer 2

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