State for each account whether it is likely to have (a) debit entries only, (b) credit entries only, or (c) both debit and credit entries. Also, indicate its normal balance. Accounts Receivable 2. Commissions Earned 3. Notes Payable 4. Patricia Mayer, Capital 5. Rent Revenue 6. Wages Expense In addition, explain what each of these categories means for the financial statements by explaining their impact
Problem #1:
State for each account whether it is likely to have (a) debit entries only, (b) credit entries only, or (c) both debit and credit entries. Also, indicate its normal balance.
- Accounts Receivable
2. Commissions Earned
3. Notes Payable
4. Patricia Mayer, Capital
5. Rent Revenue
6. Wages Expense
In addition, explain what each of these categories means for the financial statements by explaining their impact
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Problem #2:
State for each account whether it is likely to have (a) debit entries only, (b) credit entries only, or (c) both debit and credit entries. Also, indicate its normal balance.
1. Accounts Payable
2. Cash
3. Del Robinson, Drawing
4. Miscellaneous Expense
5. Insurance Expense
6. Fees Earned
In addition, explain what each of these categories means for the financial statements by explaining their impact.
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