Question

For each of the following (1) identify the account as an asset, liability, equity, revenue, or expense; (2) Identify the normal balance of the account; and (3) select debitor credit to identify the kind of entry that would increase the account balance. Type of Account Normal Balance Increase (Dr. or Cr.) ad Account a. Services Revenue b. Equipment c. Notes Payable d. Common Stock e Supplies Accounts Payable 9. Consulting Revenue h. Salarios Expono i. Utilities Expense Prepaid Rent k Wagos Payable 1. Notes Receivable nces

Answer 1

2 3 Account Increase Dr or Cr 4 a 5 b dr 6 с cr 7 d cr 8 e dr Type OF ACCOUNT normal Balance Revenue cr asset dr liability cr equity cr asset dr liability cr revenue cr expense dr expense dr asset dr liability cr asset dr 9f 10 g 11 h cr cr dr 12 i dr 13 ) dr 14 k 151 cr dr 16 17 a 18 Accounting equation assets cash + Equipments = 27,000 62,000 19 Liability + Equity Note payble Service revenue 37,000 52,000 20 21 22

2 Journal entry 3 Date General jornal 4 May-15 Cash 5 Equipment 6 Note payble 7 Service revenue Debit Credit 27,000 62,000 37000 52000 8 9 10 11 12 13 14

2 C 3 T-Accounts Cash 101 27000 Note payble 245 37000 Equipment 167 62000 Service revenue 403 52000 4 5 6 7 NOTE - PLEASE UPVOTE IT SHALL BE A GREAT FAVOR THANKS 8 9 10 11 12 13 14 15 16 17 18