Financial Accounting
Financial Accounting
3rd Edition
ISBN: 9780133791129
Author: Jane L. Reimers
Publisher: Pearson Higher Ed
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Chapter B, Problem 1YT

Indicate whether each of the following accounts normally has a debit (DR) or credit (CR) balance and what type of account it is.

Chapter B, Problem 1YT, Indicate whether each of the following accounts normally has a debit (DR) or credit (CR) balance and

Expert Solution & Answer
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To determine

Find whether each of the accounts normally has a (DR) debit or (CR) credit balance and identify its type.

Explanation of Solution

Identify the type of accounts and its normal balance.

Account TitleExpenseRevenueAssetLiabilityShareholder's equity
Accounts payable   CR 
Accounts receivable  DR  
Advertising expenseDR    
Cash  DR  
Depreciation expenseDR    
Furniture and fixtures  DR  
Accumulated depreciation  (Contra) CR  
Unearned fees   CR 
Salary expenseDR    
Common stock    CR
Rent expenseDR    
Retained earnings    CR
(Earned) fees CR   
Land  DR  
Building  DR  

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Financial Accounting

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