Identify the normal balance (DR for Debit; CR for Credit) and type of account (A for asset, L for liability, E for equity, E-rev for revenue, E-exp for expense, and E-con for contra equity) for each of the following items. Account Normal Balance Account Type [ Select ] Accounts Payable ( Select ] ( Select ) Supplies [ Select ) Inventory [ Select ] [ Select ] Common Stock ( Select ] ( Select) Dividends ( Select ] ( Select ) ( Select ) Salaries Expense [ Select ] Retained Earnings [ Select ) [ Select ] Land ( Select ] [ Select ] Sales [ Select ] [ Select ] Accounts Receivable ( Select ] ( Select ] > > > > >
Identify the normal balance (DR for Debit; CR for Credit) and type of account (A for asset, L for liability, E for equity, E-rev for revenue, E-exp for expense, and E-con for contra equity) for each of the following items. Account Normal Balance Account Type [ Select ] Accounts Payable ( Select ] ( Select ) Supplies [ Select ) Inventory [ Select ] [ Select ] Common Stock ( Select ] ( Select) Dividends ( Select ] ( Select ) ( Select ) Salaries Expense [ Select ] Retained Earnings [ Select ) [ Select ] Land ( Select ] [ Select ] Sales [ Select ] [ Select ] Accounts Receivable ( Select ] ( Select ] > > > > >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Identify the Normal Balance (DR; CR) and type of account (assets, liability, equity, revenue, expense, and contra equity) for each item.
![Identify the normal balance (DR for Debit; CR for Credit) and type of account (A for asset, L for liability, E for equity, E-rev for revenue, E-exp for expense, and E-con for
contra equity) for each of the following items.
Account
Normal Balance
Account Type
[ Select ]
Accounts Payable
[ Select ]
[ Select ]
Supplies
[ Select ]
Inventory
[ Select ]
[ Select ]
Common Stock
[ Select ]
[ Select ]
Dividends
[ Select ]
[ Select ]
[ Select ]
Salaries Expense
[ Select ]
Retained Earnings
[ Select ]
[ Select ]
Land
[ Select ]
[ Select ]
Sales
[ Select ]
[ Select ]
Accounts Receivable [ Select ]
[ Select ]
>
>
>
>
>
>
>
>
>
>
>](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbf80d695-65bc-4bfc-b636-07e1e9e9e58c%2F10a19858-5109-400d-903d-e642f734b47d%2Fpida53_processed.png&w=3840&q=75)
Transcribed Image Text:Identify the normal balance (DR for Debit; CR for Credit) and type of account (A for asset, L for liability, E for equity, E-rev for revenue, E-exp for expense, and E-con for
contra equity) for each of the following items.
Account
Normal Balance
Account Type
[ Select ]
Accounts Payable
[ Select ]
[ Select ]
Supplies
[ Select ]
Inventory
[ Select ]
[ Select ]
Common Stock
[ Select ]
[ Select ]
Dividends
[ Select ]
[ Select ]
[ Select ]
Salaries Expense
[ Select ]
Retained Earnings
[ Select ]
[ Select ]
Land
[ Select ]
[ Select ]
Sales
[ Select ]
[ Select ]
Accounts Receivable [ Select ]
[ Select ]
>
>
>
>
>
>
>
>
>
>
>
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