Rules of debit and credit and normal balancesState 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 indicateits normal balance. 1. Accounts Receivable2. Commissions Earned3. Heidi Schmidt, Capital4. Rent Expense5. Rent Revenue6. Wages Payable

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A: Creditor: It can be defined as the party that lends the money to the business or any individual.

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Q: normal balance of the following accounts

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A:

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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