Question

Question 4 (14 marks) For each of the following accounts indicate in the examination booklet a the type of account (Asset,Liability, Owner's capital, Owner's drawings, Revenue Expense), b the debit and credit effects, and the normal account balance. Example 0. Cash a Asset account b. Debit increases, credit decreases C. Normal balance-debit 1. Accounts Payable 2 Accounts Receivable 3. J Stonehedge, Capital 4. J. Stonehedge, Drawings 5 Service Revenue 6. Insurance Expense 7 Notes Payable 8. Equipment

Answer 1

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Statementshowing Computations
Paticulars	a)	b)	c)
1)Accounts payable	Liability	Debit decreases , credit increases	Credit
2) Accounts receivable	Asset	Debit increases , credit decreases	Debit
3) J Stone hedge capital	Owners Capital	Debit decreases , credit increases	Credit
4) J Stone hedge drawings	Owners drawing	Debit increases , credit decreases	Debit
5) Service revenue	Revenue	Debit decreases , credit increases	Credit
6) Insurance expense	Expense	Debit increases , credit decreases	Debit
7) Notes payable	Liability	Debit decreases , credit increases	Credit
8) Equipment	Asset	Debit increases , credit decreases	Debit