Solution-Identify the normal balance of each of the accounts

Identify the normal balance of each of the accounts

Assignment Help Financial Accounting

Reference no: EM13516491

This exercise will test your understanding of the debit and credit rules.

A list of accounts appears below:

		Debit	Credit
1.	Cash	√
2.	Sales Revenue
3.	Commissions Expense
4.	Advertising Expense
5.	Salaries and Wages Payable
6.	Prepaid Insurance
7.	Property Taxes Payable
8.	Property Tax Expense
9.	Dividends
10.	Interest Revenue
11.	Salaries and Wages Expense
12.	Commissions Revenue
13.	Unearned Service Revenue
14.	Equipment
15.	Note Payable
16.	Building
17.	Accounts Payable
18.	Land
19.	Accounts Receivable
20.	Common Stock

Instructions

For each account, put a check mark (√) in the appropriate column to indicate if it is increased by an entry in the debit (left) side of the account or by an entry in the credit (right) side of the account. The first one is done for you.

TIP: In essence, you are being asked to identify the normal balance of each of the accounts listed. The normal balance of an account is the side where increases are recorded.

Reference no: EM13516491

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Identify the normal balance of each of the accounts

Reference no: EM13516491

Reference no: EM13516491

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