thankyouuuu:> 9:38 ..il ?70Find study resources4. To decrease the balance in the following accounts, would you debit the account or would you credit the account?a. Accounts Payableb. CashDebitCreditDebitСreditc. Landd. Notes Payablee. Accounts Receivablef. Mary Smith, Capitalg. Suppliesh. Supplies ExpenseDebitСreditDebitCreditDebitCreditDebitCreditСreditCreditCreditCreditDebitDebiti. Prepaid Insurancej. Service Revenuek. Mary Smith, Drawing1. EquipmentDebitDebitDebitCreditDebitCreditCreditm. Unearned RevenueDebit5. What is the normal balance for the following accounts?a. Accounts Payable Debit Credita. Cashc. Landd. Notes PayableСreditCreditDebitDebitDebitCredite. Accounts Receivablef. Mary Smith, Capitalg. Suppliesh. Supplies Expensei. Prepaid Insurancei. Service Revenuek. Mary Smith, Drawing1. Equipmentm. Unearned RevenueDebitDebitCreditCreditDebitCreditDebitCreditDebitCreditDebitCreditDebitDebitCreditCreditDebitCredit6. Generally when an expense is involved in a transaction, an expense will be7. Generally when revenues are involved in a transaction, a revenue account will be8. The accountant's word to indicate that an entry will be recorded on the left-side of an account is9. A contra-asset account such as Accumulated Depreciation will likely have which balance?10. A contra-liability account such as Discount on NotesPayable will likely have which balance?Answers1.a. Yes (Cash is always debited when cash is received.)b. No (This owner equity account should be credited, not debited.)FROM THE DESK OF SIR JUNAIDPage 162.a. Accounts Receivable (The account Accounts Receivable should be debited in August. Accounts Receivable, anasset, was increased in August.)b. Service Revenue (You should credit revenues when they are earned.)c. Cash (We always debit Cash when cash is received.)d. Accounts Receivable (When an asset such as Accounts Receivable is decreased, you credit the account.)3.a. Credit (To increase a liability you credit the liability account.)b. Debit (Cash and other assets are debited to increase their balances.)c. Debit (Since land is an asset, you debit the account to increase its balance.)d. Credit (As with any liability account, you credit the account to increase its balance.)e. Debit (Accounts Receivable is an asset and a debit will increase an asset account.)f. Credit (Mary Smith, Capital is an owner equity account with a normal balance of credit. Hence you credit theaccount to increase its balance.)A+Ask Expert Tutors 9:42 ..l ? 069FABM1-QUIZ2 - SavedFABM1 – QUIZ#2- 5/14/2021 (Kindly send your answer on my messengeraccount LILIBETH T. BAYABAN not later than 6pm tonight)TEST 1:1. To increase the balance in the following accounts, would you debit the account or wouldyou credit the account?a. Accounts Payableb. Cashc. Landd. Notes Payablee. Accounts Receivablef. Mary Smith, Capital9. Suppliesh. Supplies ExpensePrepaid Insurancei.j. Service Revenuek. Mary Smith, DrawingI. Equipmentm. Unearned Revenuen. Furniture and fixtureso. Interest Expense2. To decrease the balance in the following accounts, would you debit the account orwould you credit the account?a. Accounts Payableb. Cashc. Landd. Notes Payablee. Accounts Receivablef. Mary Smith, Capitalg. Suppliesh. Supplies ExpensePrepaid Insurancej. Service Revenuek. Mary Smith, DrawingI. Equipmentm. Unearned Revenuen. Furniture and fixtureso. Interest Expense3. What is the normal balance of the following accounts, is it debit or credit?a. Accounts Payableb. Cashc. Landd. Notes Payablee. Accounts Receivablef. Mary Smith, Capital9. Suppliesh. Supplies Expenseį. Prepaid Insurancej. Service Revenuek. Mary Smith, DrawingI. Equipmentm. Unearned Revenuen. Furniture and fixtureso. Interest ExpenseTEST II:1. A business pays a supplier 10,000 in cash, which account does it credit?b. Casha. Accounts payable2. A business buys new plant and machinery from a supplier who gives 30 days credit.Which account should the business debit?a. Plant and Machineryb. Cash3. Cash is introduced to a business by the owner as equity. Which account does the creditentry go to?a. Loan accountb. Capital account4. A friend of the owner lends the business 20,000. Which account is credit entry made to?a. Cashb. Loans...

4. Generally, asset and expense accounts have a debit balance, and liabilities and revenue accounts…

4. To decrease the balance in the following accounts, would you debit the account or would you credit the account? a. Accounts Payable b. Cash c. Land d. Notes Payable e. Accounts Receivable f. Mary Smith, Capital g. Supplies h. Supplies Expense i. Prepaid Insurance j. Service Revenue k. Mary Smith, Drawing 1. Equipment m. Uneamed Revenue Debit Credit Debit Credit Debit Credit Debit Debit Credit Credit Debit Debit Credit Credit Credit Debit Debit Debit Credit Credit Debit Credit Debit Debit Credit Credit