Identifying normal balances For each account, identify whether the normal balance is a debit (DR) or credit Notes Payable Dividends Service Revenue Land Unearned Revenue Common Stock Utility Expense Office Supplies Advertising Expense Interest Payable

Identifying normal balances For each account, identify whether the normal balance is a debit (DR) or credit Notes Payable Dividends Service Revenue Land Unearned Revenue Common Stock Utility Expense Office Supplies Advertising Expense Interest Payable

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

Identifying normal balances

For each account, identify whether the normal balance is a debit (DR) or credit

Notes Payable
Dividends
Service Revenue
Land
Unearned Revenue
Common Stock
Utility Expense
Office Supplies
Advertising Expense
Interest Payable

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