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

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

For each of the following accounts, indicate (a) whether it is an asset, liability, or shareholders' equity account:(b) the normal balance of the account: (c) whether a debit will increase or decrease the account; and (d) whether a credit will increase or decrease the account.

business accounting

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Answer 1

Answer #1

S.No.	Particulars	Basic Type	Normal Balance	Debit Effect	Credit Effect
1.	Accounts Payable	Liabilities	Credit	Decrease	Increase
2.	Accounts Receivable	Assets	Debit	Increase	Decrease
3.	Cash	Assets	Debit	Increase	Decrease
4.	Common Shares	Shareholder's Equity	Credit	Decrease	Increase
5.	Deferred Revenue	Liabilities	Credit	Decrease	Increase
6.	Dividends Declared	Shareholder's Equity	Debit	Increase	Decrease
7.	Equipment	Assets	Debit	Increase	Decrease
8.	Income Tax Expense	Shareholder's equity	Debit	Increase	Decrease
9.	Retained Earnings	Shareholder's Equity	Credit	Decrease	Increase
10.	Service Revenue	Shareholder's Equity	Credit	Decrease	Increase

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Answer 2

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