For each of the following (1) identify the account as an asset, liability, equity, revenue, or expense; (2) identify the normal balance 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 j Consulting Revenue k Salaries Expense 1. Utilities Expense

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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
Transcribed Image Text: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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