Accounts | Account type | Normal Balance |
Bank service charge | Expense | Debit |
Job income | Income | Credit |
Checking | Asset | Debit |
Accounts payable | Liability | Credit |
Construction equipment | Asset | Debit |
Retained earnings | Equity | Credit |
Complete these tasks for each account shown: Above each, indicate the account type (Asset, Liability, Equity,...
3. Next to each account, write or type the account type (asset, liability, equity, income, or expense). • Bank Service Charges • Construction Income • Company Checking Account • Loans Payable • Machinery & Equipment • Common Stock
1. For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense, and (2) identify the normal balance of the account (debit or credit and the financial statement that the account is listed on (Income Statement or Balance Sheet) Normal balance (debit or credit) Financial statement Account title Account type Asset Cash Prepaid insurance Accounts payable Common stock Utilities expense Land Service revenue Notes receivable Advertising expense Unearned revenue Debit Balance sheet
Identify the type of account (asset, liability, equity) and the normal balance (debit or credit) for each account. a. Cash b. Dividends c. Office Equipment d. Accounts Payable e. Utilities Expense f. Common Stock g. Prepaid Insurance h. Service Revenues
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 (C.) to identify the kind of entry that would increase the account balance.
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.
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.
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. (a) (c) (d) (b) Normal Balance Basic Type Debit Effect Credit Effect 1. Accounts Payable Accounts Receivable Liability 2. Asset 3. Cash Asset < 4. Common Shares Shareholders' Equity V 5. Deferred Revenue Liability...
10. (9 pts) Indicate what type of account each of the following is: (Asset, Liability, Equity, Revenue, or Expense) TYPE TYPE ACCOUNT T Accumulated Depreciation Contributed Capital Cost of Goods Sold Income Tax Expense Interest Expense Interest Payable Prepaid Interest Salaries Payable Unearned Rent ACCOUNT Inventory Accounts payable Land Rent receivable Income Tax Payable Building Wage expense Accounts receivable Equipment 11. (23 pts) Prepare a balance and an income statement for Price Company. The company's trial balance in alphabetical order)...
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...
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.