Selected accounts from the ledger of McDaniel Corporation appear below. For each account, indicate the following: (a) In the first column at the right, indicate the nature of each account, using the following abbreviations: Asset - A Liability - L None of the above - N Expense - E Revenues - R (b) In the second column, indicate the normal balance by inserting Dr. or Cr. Type of Normal Account Balance a. Supplies ……………………………….. b. Notes Payable …………………………. c. Service Revenue………………………. d. Dividends………………………………. e. Accounts Payable…………………….. f. Salaries and Wages Expense………… g. Common Stock………………………… h. Accounts Receivable………………….. i. Equipment…………………………….. j. Notes Receivable………………………
Selected accounts from the ledger of McDaniel Corporation appear below. For each account, indicate
the following:
(a) In the first column at the right, indicate the nature of each account, using the following
abbreviations:
Asset - A Liability - L None of the above - N
Expense - E Revenues - R
(b) In the second column, indicate the normal balance by inserting Dr. or Cr.
Type of Normal
Account Balance
a. Supplies ………………………………..
b. Notes Payable ………………………….
c. Service Revenue……………………….
d. Dividends……………………………….
e. Accounts Payable……………………..
f. Salaries and Wages Expense…………
g. Common Stock…………………………
h. Accounts Receivable…………………..
i. Equipment……………………………..
j. Notes Receivable………………………
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
