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

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

Name: State for each account whether it is likely to have (a) debit entries
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Description: 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

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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

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

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