2. For the accounts listed below, indicate the type of account (asset, liability, equity, dividend, revenue, expense), whether it INcreases with a debit or credit, whether it DEcreases with a debit or credit, and whether its normal balance is a debit or a credit. Answers for the first few items are filled in as examples. Account Name Accounts Payable Accounts Receivable Insurance Expense Buildings Cash Common Stock Account Туре Liability Asset Increases with a: Credit Debit Expense Debit Decreases with a: Debit Credit Credit Normal balance is a: Credit Debit Debit

2. For the accounts listed below, indicate the type of account (asset, liability, equity, dividend, revenue, expense), whether it INcreases with a debit or credit, whether it DEcreases with a debit or credit, and whether its normal balance is a debit or a credit. Answers for the first few items are filled in as examples. Account Name Accounts Payable Accounts Receivable Insurance Expense Buildings Cash Common Stock Account Туре Liability Asset Increases with a: Credit Debit Expense Debit Decreases with a: Debit Credit Credit Normal balance is a: Credit Debit Debit

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter5: Completing The Accounting Cycle

Section: Chapter Questions

Problem 1PB: Identify whether each of the following accounts would be considered a permanent account (yes/no) and...

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