What is the normal balance for the following accounts? debit or credit? 1. Prepaid Insurance 2. Service Revenue 3. Cash 4. Land 5. Accounts Payable 6. Accounts Receivable 7. Supplies Expense 8. Juan, Capital 9. Juan, Drawing 10. Notes Payable

What is the normal balance for the following accounts? debit or credit? 1. Prepaid Insurance 2. Service Revenue 3. Cash 4. Land 5. Accounts Payable 6. Accounts Receivable 7. Supplies Expense 8. Juan, Capital 9. Juan, Drawing 10. Notes Payable

Name: What is the normal balance for the following accounts? debit or credit
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Description: What is the normal balance for the following accounts? debit or credit? 1. Prepaid Insurance2. Service Revenue3. Cash 4. Land5. Accounts Payable 6. Accounts Receivable 7. Supplies Expense 8. Juan, Capital9. Juan, Drawing 10. Notes 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

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

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Question

What is the normal balance for the following accounts? debit or credit?

1. Prepaid Insurance

2. Service Revenue

3. Cash

4. Land

5. Accounts Payable

6. Accounts Receivable

7. Supplies Expense

8. Juan, Capital

9. Juan, Drawing

10. Notes Payable

Definition Definition Money that the business will be receiving from its clients who have utilized the credit provided to buy its goods and services. The credit period typically lasts for a short term, lasting from a few days, a few months, to a year.

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