PE 2-1A Rules of debit and credit and normal balances OBJ. 2 State for each account whether it is likely to have (a) debit entries only, (b) credit entries only, or (c) both debit and credit entries. Also indicate its normal balance. 1. Accounts Receivable 2. Commissions Earned 3. Heidi Schmidt, Capital 4. Rent Expense 5. Rent Revenue 6. Wages Payable PE 2-1B Rules of debit and credit and normal balances OBJ. 2 State for each account whether it is likely to have (a) debit entries only, (b) credit entries only, or (c) both debit and credit entries. Also indicate its normal balance. 1. Accounts Payable 2. Cash 3. Del Robinson, Drawing 4. Miscellaneous Expense 5. Insurance Expense 6. Fees Earned PE 2-2A Journal entry for asset purchase Prepare a journal entry for the purchase of office equipment on February 19 for $18,500 paying $4,500 cash and the remainder on account.
PE 2-1A Rules of debit and credit and normal balances OBJ. 2 State for each account whether it is likely to have (a) debit entries only, (b) credit entries only, or (c) both debit and credit entries. Also indicate its normal balance. 1. Accounts Receivable 2. Commissions Earned 3. Heidi Schmidt, Capital 4. Rent Expense 5. Rent Revenue 6. Wages Payable PE 2-1B Rules of debit and credit and normal balances OBJ. 2 State for each account whether it is likely to have (a) debit entries only, (b) credit entries only, or (c) both debit and credit entries. Also indicate its normal balance. 1. Accounts Payable 2. Cash 3. Del Robinson, Drawing 4. Miscellaneous Expense 5. Insurance Expense 6. Fees Earned PE 2-2A
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