Type of account | Normal balance | Increase (Dr. or Cr.) | |
a. Land | Asset | Debit | Debit |
b. Cash | Asset | Debit | Debit |
c. Legal Expense | Expense | Debit | Debit |
d. Prepaid Insurance | Asset | Debit | Debit |
e. Accounts Receivable | Asset | Debit | Debit |
f. Owner, Withdrawals | Equity | Debit | Debit |
g. License Fee Revenue | Revenue | Credit | Credit |
h. Unearned Revenue | Liability | Credit | Credit |
i. Fees Earned | Revenue | Credit | Credit |
j Equipment | Asset | Debit | Debit |
k Notes Payable | Liability | Credit | Credit |
l. Owner Capital | Equity | Credit | Credit |
.
.
Note:
Balance sheet accounts:
The normal balance of all asset accounts is the debit balance.
The normal balance of all liability accounts is the credit balance.
The normal balance of all equity accounts is the credit balance.
Income statement accounts:
The normal balance of all revenue accounts is the credit balance.
The normal balance of all expense accounts is the debit balance.
Exercise 2-4 Identifying type and normal balances of accounts LO C4 For each of the following...
Exercise 2-4 Identifying type and normal balances of accounts LO C4 For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense (2) identify the normal balance of the account, and (3) select debit (Dr) or credit (Cr.) to identify the kind of entry that would increase the account balance. Type of Account Normal Balance Increase (Dr. or Cr.) Account a Land b. Cash c. Legal Expense d. Prepaid Insurance e. Accounts...
Required Problem Solving Assignment - Chapter 2 Savod 1 Exercise 2-4 Identifying type and normal balances of accounts LO C4 125 points For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense :) identify the normal balance of the account; and (3) select debit (Dr. ) or credit (Cr) to identify the kind of entry that would increase the account balance. Skipped Type of Account Normal Balance Increase (Dr. or Cr.)...
For each of the following (1) identify the type of account as an asset, lability, equity, revenue, or expense. (2) identify the normal balance of the account, and (3) select debit (Dr) or credit (Cr.) to identify the kind of entry that would increase the account balance Type of Account Normal Balance Increase (Dr. or Cr.) a. Land b. Cash c. Legal Expense d. Prepaid Insurance e Accounts Receivable f Owner, Withdrawals g License Fee Revenue h. Unearned Revenue i...
Exercise 2-4 Identifying type and normal balances of accounts LO C4 For each of the following (1) identify the type of account as an asset. liability, equity, revenue, or expense: (2) identify the normal balance of the account; and (3) select debit (Dr) or credit (Cr.) to identify the kind of entry that would increase the account balance.
E2-12 Identifying accounts, increases in accounts, and normal balances a. Interest Revenue f. Unearned Revenue b. Accounts Payable g. Prepaid Rent c. Calhoun, Capital h. Utilities Expense d. Office Supplies i. Calhoun, Withdrawals e. Advertising Expense j. Service Revenue Requirements 1. Identify each account as asset (A), liability (L), or equity (E). 2. Identify whether the account is increased with a debit (DR) or credit (CR). 3. Identify whether the normal balance is a debit (DR) or credit (CR).
For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense: (2) identify the normal balance of the account; and (3) select debit (Dr) or credit (Cr.) to identify the kind of entry that would increase the account balance. Type of Account Normal Balance Increase (Dr. or Cr.) 48 Account a. Prepaid Insurance b. Accounts Receivable c. Dividends d. License Fee Revenue e. Uneamed Revenue 1. Fees Eamed 9. Equipment h Notes...
CH 2 Problem Assignment i Saved Help Save & Exit Submit Check my work For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense; (2) identify the normal balance of the account; and (3) select debit (Dr.) or credit (Cr.) to identify the kind of entry that would increase the account balance. 0.5 points Type of Account Normal Balance Increase (Dr. or Cr.) 8 04:38:40 eBook Account a. Accounts Receivable b....
QS 2-4 Identifying normal balance LO C4 Identify the normal balance (debit or credit) for each of the following accounts. Normal Ending Balance a. Rent Expense Debit b. Legal Expense Debit c. Interest Payable Credit d. Factory Debit e. Fees Earned (Revenues) Credit f. Haircutting Revenue Credit 9. Accounts Payable Credit h. Land Debit 1. Office Supplies Debit
For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense; (2) identify the normal balance of the account; and (3) select debit (Dr.) or credit (Cr.) to identify the kind of entry that would increase the account balance.
can you pls solve S2 exercise and S3 exercise S2-2 Identifying increases and decreases in accounts For each account, identify whether the changes would be recorded as a debit (DR) OF credit (CR). a. Increase to Accounts Receivable f. Decrease to Prepaid Rent b. Decrease to Unearned Revenue g. Increase to Proudfoot, Capital c. Decrease to Cash h. Increase to Notes Receivable d. Increase to Interest Expense i. Decrease to Accounts Payable e. Increase to Salaries Payable j. Increase to...