for each of the following 1 identify the type of accounts as an asset, liability, equity, revenue or expense 2 identify the normal balance of account and 3 select debit or credit to identify the kind of entry that would increase the account balance account pay consulting revenue salaries expense untitilies expense prepaid rent wage pay note recievable land cash legal expense prepaid insurance account recivable
for each of the following 1 identify the type of accounts as an asset, liability, equity, revenue or expense 2 identify the normal balance of account and 3 select debit or credit to identify the kind of entry that would increase the account balance account pay consulting revenue salaries expense untitilies expense prepaid rent wage pay note recievable land cash legal expense prepaid insurance account recivable
Chapter5: Completing The Accounting Cycle
Section: Chapter Questions
Problem 1Q: Explain what is meant by the term real accounts (also known as permanent accounts).
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for each of the following 1 identify the type of accounts as an asset, liability, equity, revenue or expense 2 identify the normal balance of account and 3 select debit or credit to identify the kind of entry that would increase the account balance
account pay
consulting revenue
salaries expense
untitilies expense
prepaid rent
wage pay
note recievable
land
cash
legal expense
prepaid insurance
account recivable
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