i. Fees Earned j. Equipment k. Notes Payable I. Owner, Capital a. Land e. Accounts Receivable 1. Owner, Withdrawals g. License Fee Revenue b. Cash c. Legal Expense d. Prepaid Insurance h. Unearned Revenue

Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter2: The Accounting Information System
Section: Chapter Questions
Problem 17DQ
icon
Related questions
Topic Video
Question

For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense; (2) identify the normal balance of the account; and (3) enter debit (Dr.) or credit (Cr.) to identify the kind of entry that would increase the account balance.

i. Fees Earned
j. Equipment
k. Notes Payable
I. Owner, Capital
a. Land
e. Accounts Receivable
1. Owner, Withdrawals
g. License Fee Revenue
b. Cash
c. Legal Expense
d. Prepaid Insurance
h. Unearned Revenue
Transcribed Image Text:i. Fees Earned j. Equipment k. Notes Payable I. Owner, Capital a. Land e. Accounts Receivable 1. Owner, Withdrawals g. License Fee Revenue b. Cash c. Legal Expense d. Prepaid Insurance h. Unearned Revenue
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 1 images

Blurred answer
Knowledge Booster
Accounting Equation
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning