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For each of the following (1) identify the account as an asset, liability, equity, revenue, or expense account; and (3) select debit or credit to identify the kind of entry that would increase the accour Increase (Debit or Credit) Account a. Land b. Cash c. Legal Expense d. Prepaid Insurance e. Accounts Receivable f. Tour Service Revenue g. Unearned Revenue h. Services Revenue i. Equipment j. Notes Payable Type of Account Normal Balance

For each of the following (1) identify the account as an asset, liability, equity, revenue, or expense account; and (3) select debit or credit to identify the kind of entry that would increase the accour Increase (Debit or Credit) Account a. Land b. Cash c. Legal Expense d. Prepaid Insurance e. Accounts Receivable f. Tour Service Revenue g. Unearned Revenue h. Services Revenue i. Equipment j. Notes Payable Type of Account Normal Balance

FINANCIAL ACCOUNTING
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. Type of Account Increase (Debit or Credit) Account a. Land b. Cash c. Legal Expense d. Prepaid Insurance e. Accounts Receivable f. Tour Service Revenue g. Unearned Revenue h. Services Revenue i. Equipment j. Notes Payable Normal Balance
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. Type of Account Increase (Debit or Credit) Account a. Land b. Cash c. Legal Expense d. Prepaid Insurance e. Accounts Receivable f. Tour Service Revenue g. Unearned Revenue h. Services Revenue i. Equipment j. Notes Payable Normal Balance
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