Chapter 2, Problem 7Q

To determine

Rules of Debit and Credit: All the items mentioned in the income statement and balance sheet are presented by journalizing the accounts, then classifying them into ledgers and afterwards resulted in the summarized income statement and balance sheet. For journalizing the various accounts, rules of debit and credit has been followed according to the category of the account. There are five categories of accounts:

To Determine: The nature of account