The account would be recorded as a debit or a credit

Assignment Help Accounting Basics

Reference no: EM13666177

Given below are the effects on certain accounts of selected transactions entered into by a service company. You are to indicate by inserting a "Dr." or "Cr." in the proper column

(a) whether the change in the account would be recorded as a debit or a credit, and
(b) whether the normal balance in the account is a debit or a credit.

(a)Recorded as (b)
Normal balance is
Example: Decrease in cash Cr. Dr.
1. Increase in rent expense
2. Increase in capital stock
3. Decrease in accounts payable
4. Increase in accounts receivable
5. Increase in equipment
6. Decrease in long-term note payable
7. Increase in service revenue
8. Decrease in salaries expense
9. Increase in short-term note payable
10. Increase in dividends

Reference no: EM13666177

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