For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense; (2) identify the normal balance of the account; and (3) enter debit (Dr.) or credit (Cr.) to identify the kirof entry that would increase the account balance.a. Landb. Cashc. Legal Expensed. Prepaid Insurancee. Accounts Receivablef. Owner, Withdrawalsg. License Fee Revenueh. Unearned Revenuei. Fees Earnedj. Equipmentk. Notes PayableI. Owner, Capital

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Description: For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense; (2) identify the normal balance of the account; and (3) enter debit (Dr.) or credit (Cr.) to identify the kirof entry that would increase

Assets Assets are resources that are controlled which results from prior transactions that are…

Business

Accounting

For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense; (2) identify the normal balance of the account; and (3) enter debit (Dr.) or credit (Cr.) to ide of entry that would increase the account balance. a. Land b. Cash c. Legal Expense d. Prepaid Insurance e. Accounts Receivable f. Owner, Withdrawals g. License Fee Revenue h. Unearned Revenue i. Fees Earned j. Equipment k. Notes Payable

For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense; (2) identify the normal balance of the account; and (3) enter debit (Dr.) or credit (Cr.) to ide of entry that would increase the account balance. a. Land b. Cash c. Legal Expense d. Prepaid Insurance e. Accounts Receivable f. Owner, Withdrawals g. License Fee Revenue h. Unearned Revenue i. Fees Earned j. Equipment k. Notes Payable

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 2EB: Consider the following accounts and determine if the account is an asset (A), a liability (L), or...

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