Question

JUUSTIVE See the Chart of Accounts in exhibit 2 in the book. It lists 16 accounts. From that chart of accounts, select an account, other than cash (try to pick one that has not been discussed yet). In the subject box of the discussion, put the account title you selected. Answer the following questions: 1. Assets, Liabilities, Owner's Equity, Revenues, and Expenses are the five categories (account types) that an account can be classified as. Which category is the account you selected included in? 2. The double-entry accounting system has specific rules for recording debits and credits based on the type of account. Describe how these rules apply to the account you selected. How is the account increased and how is it decreased? 3. The normal balance of an account can be either a debit or a credit depending on whether increases in the account are recorded as debits or credits. What is the normal balance of the account you selected? 4. Think of a transaction that your account would be used in. Do not copy an entry from the book. Describe the transaction and show the journal entry, in the proper journal entry format. You can use the table formatting tool within the discussion to properly format the journal entry. Post your initial response, read all of the posts, and post two detailed replies to at least two other students who selected different renunt than

Answer 1

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