For each of the following (1) identify the account as an asset, liability, equity, revenue, or expense; (2) identify the normal balance of theaccount; and (3) select debit or credit to identify the kind of entry that would increase the account balance.AccountType of AccountNormal BalanceIncrease (Dr. or Cr.)a. Dividendsb. Tour Service Revenuec. Unearned Revenued. Services Revenuee. Equipmentf. Notes Payableg. Common Stockh. Suppliesi. Accounts Payableį Consulting Revenuek Salaries ExpenseI. Utilities Expense

Name: For each of the following (1) identify the account as an asset, liabi
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Description: For each of the following (1) identify the account as an asset, liability, equity, revenue, or expense; (2) identify the normal balance of theaccount; and (3) select debit or credit to identify the kind of entry that would increase the account balan

Answered: For each of the following (1) identify…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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For each of the following (1) identify the account as an asset, liability, equity, revenue, or expense; (2) identify the normal balance of the
account; and (3) select debit or credit to identify the kind of entry that would increase the account balance.
Account
Type of Account
Normal Balance
Increase (Dr. or Cr.)
a. Dividends
b. Tour Service Revenue
c. Unearned Revenue
d. Services Revenue
e. Equipment
f. Notes Payable
g. Common Stock
h. Supplies
i. Accounts Payable
į Consulting Revenue
k Salaries Expense
I. Utilities Expense

Expert Solution

Step 1 Introduction

The various accounts of business are classified as assets, liabilities, revenue and expenses.

The assets include cash, accounts receivable, prepaid expenses, furniture, land, etc.

The liabilities include accounts payable, accrued expenses, loan, etc.

The revenue include service revenue, interest revenue, and other income earned by the business.

The expenses include the costs incurred to earn the revenue for the business.

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