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Description: For each account, identify whether the normal balance is a debit or credita.Notes Payableb.Dividendsc.Service RevenueHow do i figure this out?

Business

Accounting

For each account, identify whether the normal balance is a debit or credit a.Notes Payable b.Dividends c.Service Revenue How do i figure this out?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 11Q: Will an accounts receivable balance increase with a debit or a credit entry? How do you know?

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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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For each account, identify whether the normal balance is a debit or credit

a.Notes Payable

b.Dividends

c.Service Revenue

How do i figure this out?

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