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Exercise 2-4 Identifying type and normal balances of accounts LO C4 For each of the following (1) identify the type of accoun
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Answer #1
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.

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