Directions: Complete the table by identifying whether the normal account balance falls under debit or credit. Write D for debit and C for credit. Normal Account Balance 1. Assets 2. Liabilities 3. Owner’s Equity 4. Income 5. Expenses

Directions: Complete the table by identifying whether the normal account balance falls under debit or credit. Write D for debit and C for credit. Normal Account Balance 1. Assets 2. Liabilities 3. Owner’s Equity 4. Income 5. Expenses

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 14EA: Determine whether the balance in each of the following accounts increases with a debit or a credit....

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

Directions: Complete the table by identifying whether the normal account balance falls under debit or credit. Write D for debit and C for credit.

	Normal Account Balance
1. Assets
2. Liabilities
3. Owner’s Equity
4. Income
5. Expenses

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