Chapter B, Problem 1YT

Indicate whether each of the following accounts normally has a debit (DR) or credit (CR) balance and what type of account it is.

To determine

Find whether each of the accounts normally has a (DR) debit or (CR) credit balance and identify its type.

Explanation of Solution

Identify the type of accounts and its normal balance.

Account Title	Expense	Revenue	Asset	Liability	Shareholder's equity
Accounts payable				CR
Accounts receivable			DR
Advertising expense	DR
Cash			DR
Depreciation expense	DR
Furniture and fixtures			DR
Accumulated depreciation			(Contra) CR
Unearned fees				CR
Salary expense	DR
Common stock					CR
Rent expense	DR
Retained earnings					CR
(Earned) fees		CR
Land			DR
Building			DR