For each of the following accounts indicate the effect of a debit or a credit on the account and the normal balance. Increase (+).Decrease (-).1.2.3.Salaries and wages expenseAccounts receivable5.Service revenue4. Common stockDividendsDebitCreditNormal Balance

Introduction:The transactions of the company will be recorded first in the company's books which is…

For each of the following accounts indicate the effect of a debit or a credit on the account and the normal balance. Increase (+). Decrease (-). 1. 2 Accounts receivable 3. Salaries and wages expense 4. Service revenue Common stock 5. Dividends Debit Credit Normal Balance

For each of the following accounts indicate the effect of a debit or a credit on the account and the normal balance. Increase (+). Decrease (-). 1. 2 Accounts receivable 3. Salaries and wages expense 4. Service revenue Common stock 5. Dividends Debit Credit Normal Balance

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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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

For each of the following accounts indicate the effect of a debit or a credit on the account and the normal balance. Increase (+).
Decrease (-).
1.
2.
3.
Salaries and wages expense
Accounts receivable
5.
Service revenue
4. Common stock
Dividends
Debit
Credit
Normal Balance

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