Identifying accounts, increases in accounts, and normal balances? Interest Revenue Accounts Payable Common Stock Office Supplies Advertising Expense Unearned Revenue Prepaid Rent Utility Expense Dividends Service Revenue  Requirements Identify each account as an asset (A), liability (L), or equity (E). Identify whether the account is increased with a debit (DR) or credit (CR). Identify whether the normal balance is a debit (DR) or credit (CR).

Q: Which of the following account groups are temporary accounts?   a.Rent Revenue, Fees Earned,…

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Q: Which of the following accounts is considered a permanent or real account?A. Interest RevenueB.…

A: Financial Statements: Financial statements are an assortment of outline-level reports about an…

Q: Which of the following is a temporary account?Multiple Choice Retained Earnings Accounts…

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A: The contra-liability represents those accounts created by the management to set off the liability…

Q: Which journal entries is correct when a business entity collects an accounts receivable? A. Cash -…

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Q: 1. Issued stock to investors for $13,300 in cash. 2. Purchased used car for $10, 100 cash for use in…

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Q: he Accounts Question: Why should debits t

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Q: For the following accounts indicate whether the normal balance is a debit or a credit A. Unearned…

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Q: What is the name of the system of accounting for recording transactions, based on recording…

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A: A prepaid expense is an asset for which we have paid in advance and for which the benefit shall be…

Q: Identifying normal balances For each account, identify whether the normal balance is a debit (DR) or…

A:

Q: Which account is least likely to appear in an adjustingjournal entry?a. Cashb. Interest Receivablec.…

A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year,…

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A: The connection between an account's balance sheet equation position and the rules for recognizing…

Q: An expense account normally has a credit balance. True or False

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is