normal balances of accounts LO C4 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) select debit (Dr.) or credit (Cr.) to identify the kind of entry that would increase the account balance. Account Type of Account Normal Balance Increase (Dr. or Cr.) a Accounts Receivable b. Dividends c. License Fee Revenue d. Unearned Revenue e. Fees Earned f. Equipment 9 Notes Payable h. Common Stock i Supplies i Accounts Payable k Consulting Revenue L Salaries Expense

normal balances of accounts LO C4 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) select debit (Dr.) or credit (Cr.) to identify the kind of entry that would increase the account balance. Account Type of Account Normal Balance Increase (Dr. or Cr.) a Accounts Receivable b. Dividends c. License Fee Revenue d. Unearned Revenue e. Fees Earned f. Equipment 9 Notes Payable h. Common Stock i Supplies i Accounts Payable k Consulting Revenue L Salaries Expense

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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Types of accounts answer choices: Asset Equity Expense Liability Revenue Normal balance answer choices: Credit Debt Increase (Dr. or Cr.) Credit Debt

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Exercise 2-4 Identifying type and normal balances of accounts LO C4
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) select debit (Dr.) or credit (Cr.) to identify the kind of entry that would increase the account balance.
ed
Account
Type of Account
Normal Balance
Increase (Dr. or Cr.)
a Accounts Receivable
b. Dividends
c. License Fee Revenue
d. Unearned Revenue
ces
e. Fees Earned
f. Equipment
g. Notes Payable
h. Common Stock
i. Supplies
i Accounts Payable
k Consulting Revenue
I Salaries Expense
< Prey
2 of 14 E
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