For each of the following accounts, indicate (a) whether it is an asset, liability, or shareholders'...

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For each of the following accounts, indicate (a) whether it is an asset, liability, or shareholders equity account; (b) the

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Answer 1

Answer #1

	Basic Type	Normal Balance	Debit effect	Credit Effect
1. Accounts payable	liability	Credit balance	Decrease	Increase
2. Accounts receivable	asset	Debit Balance	Increase	Decrease
3. Cash	asset	Debit Balance	Increase	Decrease
4. Common Shares	shareholders equity	Credit Balance	Decrease	Increase
5. Deferred Revenue	liability	Credit balance	Decrease	Increase
6. Dividends Declared	liability	Credit balance	Decrease	Increase
7. Equipment	Asset	Debit balane	Increase	Decrease

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Answer 2

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