Classify each of the following accounts as an asset (A), liability (L), or equity (EQ) account....

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Classify each of the following accounts as an asset (A), liability (L), or equity (EQ) account. a. Dividends EQ PA EQ b. Truc

Identify the normal balance (debit or credit) for each of the following accounts. Normal Ending Balance a. Dividends b. Truck

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Answer 1

Answer #1

Classification into Asset(A), Liability(L) and Eqity(EQ) accounts

a. Divident - Liability (L)

b. Trucks - Assets (A)

c. Common stock - Equity (EQ)

d. Buildings - Assets (A)

e. Unearned store sales - Assets (A)

f. Warehouse - Assets (A)

g. Rent Payable - Liability (L)

h. Factory - Assets (A)

i. Utilities payable - Liability (L)

Identifying normal balances ( Debit or Credit )

a. Divident - Debit

b. Trucks - Debit

c. Common stock - Credit

d. Buildings - Debit

e. Delivery Expenses - Debit

f. Warehouse - Debit

g. Rent Payable - Credit

h. Factory - Debit

i. Utilities payable - Credit

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Answer 2

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