normal balances of accounts LO C4 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) select debit (Dr.) or credit (Cr.) to identify the kind of entry that would increase the account balance. Account Type of Account Normal Balance Increase (Dr. or Cr.) a Accounts Receivable b. Dividends c. License Fee Revenue d. Unearned Revenue e. Fees Earned f. Equipment 9 Notes Payable h. Common Stock i Supplies i Accounts Payable k Consulting Revenue L Salaries Expense
normal balances of accounts LO C4 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) select debit (Dr.) or credit (Cr.) to identify the kind of entry that would increase the account balance. Account Type of Account Normal Balance Increase (Dr. or Cr.) a Accounts Receivable b. Dividends c. License Fee Revenue d. Unearned Revenue e. Fees Earned f. Equipment 9 Notes Payable h. Common Stock i Supplies i Accounts Payable k Consulting Revenue L Salaries Expense
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter1: Accounting And The Financial Statements
Section: Chapter Questions
Problem 46E: OBJECTIVE 6 Exercise 1-46 Income Statement ERS Inc. maintains and repairs office equipment. ERS had...
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Types of accounts answer choices:
Asset
Equity
Expense
Liability
Revenue
Normal balance answer choices:
Credit
Debt
Increase (Dr. or Cr.)
Credit
Debt
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