For each of the following (1) identify the account as an asset, liability, equity, revenue, or expense; (2) identify the normal balance account; and (3) select debit or credit to identify the kind of entry that would increase the account balance. Account Type of Account Normal Balance Increase (Dr. or Cr.) a. Dividends b. Tour Service Revenue c. Unearned Revenue d. Services Revenue e. Equipment f. Notes Payable g. Common Stock h. Supplies i. Accounts Payable j Consulting Revenue k Salaries Expense 1. Utilities Expense
For each of the following (1) identify the account as an asset, liability, equity, revenue, or expense; (2) identify the normal balance account; and (3) select debit or credit to identify the kind of entry that would increase the account balance. Account Type of Account Normal Balance Increase (Dr. or Cr.) a. Dividends b. Tour Service Revenue c. Unearned Revenue d. Services Revenue e. Equipment f. Notes Payable g. Common Stock h. Supplies i. Accounts Payable j Consulting Revenue k Salaries Expense 1. Utilities Expense
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter2: Analyzing Transactions: The Accounting Equation
Section: Chapter Questions
Problem 5SEA: FINANCIAL STATEMENT ACCOUNTS Label each of the following accounts as an asset (A), liability (L),...
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Step 1 Introduction
The various accounts of business are classified as assets, liabilities, revenue and expenses.
The assets include cash, accounts receivable, prepaid expenses, furniture, land, etc.
The liabilities include accounts payable, accrued expenses, loan, etc.
The revenue include service revenue, interest revenue, and other income earned by the business.
The expenses include the costs incurred to earn the revenue for the business.
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