Test 2A3. Part Three-Determining the Normal Balance, Increase, and Decrease Sides for AccountsDo the folowing for each account: 1. Select the account classification in Column 2 (Asset, Llability, Owner's Equity) 2. Select elther Deblt orCredit (Columns 3 and 4) to indicate he Increase side of the account. 3. Select either Debit or Credit (Columns 5 and 6) to indicate the decrease sideof the account. 4. Select either Debit or Credit (Columns 7 and 8) to indicate the normal balance of the account.12.345.7Increase SideDecrease SideAccount's Nommal BalanceAccountAccount ClassificationDebitCreditDebitCreditDebitCreditPrepaid InsuranceSalesSuppliesAccounts Receivable-Tom DaytonAdvertising ExpenseCashBarbara Casey, DrawingBarbara Casey, CapitalAccounts Payable-Emmer SuppliesSave & ContinueContinue without savingDELLescC24357Welololo o o

1. ASSETS- Assets increase the income earning capacity of the business and help in generating…

Answered: 3. Part Three-Determining the Normal…

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter1: Starting A Proprietorship: Changes That Affect The Accounting Equation

Section1.2: How Business Activities Change The Accounting Equation

Problem 1WT

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Cornerstone Exercise 2-23 Debit and Credit Procedures Refer ID the accounts listed below. a. Accounts Payable e. Equipment b. Accounts Receivable f. Common Stock c. Retained Earnings g. Salary Expense d. Sales h. Repair Expense Required: For each of the acmums1 complete the following table by entering the normal balance of the account (debit or credit) and the word increase or decrease in the debit and credit columns.
Which of the following accounts is increased by a debit? A. Common Stock B. Accounts Payable C. Supplies D. Service Revenue
Identify the normal balance (Dr for Debit; Cr for Credit) and type of account (A for asset, L for liability, E for equity, E-rev for revenue, E-exp for expense, and E-eq for equity) for each of the following accounts. Table 3.24
Identify the financial statement on which each of the following account categories would appear: the balance sheet (BS), the income statement (IS), or the retained earnings statement (RE). Indicate the normal balance (Dr for debit; Cr for credit) for each account category. Table 3.16
Which of the following pairs increase with credit entries? A. supplies and retained earnings B. rent expense and unearned revenue C. prepaid rent and common stock D. unearned service revenue and accounts payable
Indicate what impact ( for increase; for decrease) the following transactions would have on the accounting equation, . Table 3.22
Identify the normal balance (Dr for Debit; Cr for Credit) and type of account (A for asset, L for liability, E for equity, E-rev for revenue, E-exp for expense, and E-eq for equity) for each of the following items. Table 3.19
State whether the balance in each of the following accounts increases with a debit or a credit. A. Office Supplies B. Retained Earnings C. Salaries Expense D. Accounts Receivable E. Service Revenue
NORMAL BALANCE OF ACCOUNT Indicate the normal balance (debit or credit) for each of the following accounts: 1. Cash 2. Rent Expense 3. Notes Payable 4. Owners Drawing 5. Accounts Receivable 6. Owners Capital 7. Tools
Indicate whether each account that follows has a normal debit or credit balance. A. Unearned Revenue B. Office Machines C. Prepaid Rent D. Cash E. Legal Fees Earned F. Salaries Payable G. Dividends H. Accounts Receivable I. Advertising Expense J. Retained Earning
For the following accounts please indicate whether the normal balance is a debit or a credit. A. Sales B. Dividends C. Office Supplies D. Retained Earnings E. Accounts Receivable F. Prepaid Rent G. Prepaid Insurance H. Wages Payable I. Building J. Wages Expense
What is the impact on the accounting equation when a payment of account payable is made? A. both sides increase B. both sides decrease C. only the Asset side changes D. neither side changes

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