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

Q: For each account, identify whether the normal balance is a debit (DR) or credit (CR). a. Notes…

A: Journal entry means the entry in prime book with chronological order. Journal entry should have…

Q: Consider the following accounts and identify each as an asset (A), liability (L), or equity (E). 1.…

A: Assets means the resources which is owned by business. Liability means the amount which is to be…

Q: The left side of an account is used to record which of the following? a. Debit or credit, depending…

A: Definition:   Rules of Debit and Credit:   Following rules are followed for debiting and crediting…

Q: Below is a list of common accounts.Accounts                               Debit or CreditCash…

A: Normal balance refers to the excess of amount on one side, over the amount on the other side in an…

Q: Directions: Complete the table below. The first item has been done 101 List of Accounts Decreased by…

A: Here we are given with different types of accounts. We need to determine what type of account is…

Q: Rules of Debit and Credit and Normal Balances State for each account whether it is likely to have…

A: T-account: The condensed form of a ledger is referred to as T-account. The left-hand side of this…

Q: The journal entry to record a payment on account willa. debit Accounts Payable and credit Retained…

A: Journal entry:   Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Directions: Complete the table below. The first item has been done for you. Decreased by…

A: 1. Expenses - Expenses are the amount incurred by the company to earned revenue. This could be…

Q: Explain what each of these accounts means for the financial statements by explaining their impact.…

A: Financial statements are the statements prepared at the end of the accounting period to show…

Q: Indicate whether each account below has a normal debit or credit balance. a. Automobiles b. Bonds…

A: As per the accounting rules and principles, normally all the assets and expense have the debit…

Q: Identify the normal balance of the following accounts: 1. Accounts Receivable 2. Service Income 3.…

A: Introduction: Golden rules of Accounting: 1 ) Personal Accounts 2 ) Real Accounts 3 ) Nominal…

Q: For each transaction, indicate the following January 2 transaction is given as an example. (a) The…

A: Journal Entry: Date Particulars Debit Credit Jan-02 Cash A/c Dr $10,000      To Owner's…

Q: State for each account whether it is likely to have (a) debit entries only, (b) credit entries only,…

A: All the expenses, losses, and assets normally have debit balances while all the income gains and…

Q: Required: A. Analyze the transactions using the following accounts and provide a money column for…

A: The accounting equation shows the equality between the company's total assets and total liabilities…

Q: Which of the following entries records the payment of an account payable? a) Debit Accounts Payable,…

A: Accounts payable is lability and  credit balance.

Q: State for each account whether it is likely to have (a) debit entries only, (b) credit entries only,…

A: Account: A record,thatdocuments or records the change in assets, liabilities, or equity for a…

Q: Identifying normal balances For each account, identify whether the normal balance is a debit (DR) or…

A: Assets and Expenses accounts have the debit balance and liabilities and income have the credit…

Q: Rules of debit and credit and normal balancesState for each account whether it is likely to have (a)…

A: The process by which financial transactions of the business are recorded and communicated with the…

Q: The journal entry to record fees earned on account would be posted to which of the following…

A: There are three golden rules in accounting for recording the transaction : Debit what comes in ,…

Q: For the following accounts indicate whether the normal balance is a debit or a credit A. Unearned…

A: As , normally accounts are classified under 4 different heads  a. Assets  b. Liabilities c. Expense…

Q: I need two answers for the following accounts.  I need to know if they are assets, liabilities,…

A: Account: A record, that documents or records the changes in assets, liabilities, or equity for a…

Q: Directions: Classify each account according to its category. Put a check (/) on the right column…

A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…

Q: Consider the following accounts and identify each account as an asset (A), liability (L), or equity…

A: The assets accounts are those accounts which is going to provide benefit to the firm in future or…

Q: A credit is used to increase which of the following accounts? a. Dividends. b. Insurance Expense. c.…

A: Credit: It refers to an entry that is recorded on the right side of the account. It implies an…

Q: Rules of debit and credit and normal balances State for each account whether it is likely to have…

A: As per the double-entry booking system of accounting, for each transaction, there are two effects or…

Q: Which of the following accounts normally has a debit balance? a. Prepaid insurance b. Unearned…

A: There are five important components in the financial statements. They are Assets, Liabilities,…

Q: For each of the transactions below, indicate the account to be debited or credited by placing the…

A: Solution: As per double entry system, every financial transactions affects atleast two accounts, one…

Q: Identifying normal balances For each account, identify whether the normal balance is a debit (DR) or…

A:

Q: Which of the following account balance will be placed in the credit column of the trial balance? a.…

A: All assets and expense account will normally have debit balance, so these will be part of debit side…

Q: normal balance of the following accounts

A: All expenses, assets and drawings have debit balance. All income, liabilities and capital have…

Q: For each of the following accounts, indicate the effect of a debit or a credit on the account and…

A:

Q: Which of the following accounts would be increased with a Debit? (check all that apply) Land…

A: In double entry system of accounting, every financial transaction is posted into debit and credit…

Q: a. debit to income from services, P2,300. 2,300. accountant would record a b. credit to income from…

A: Solution 19: Cash is real account, same is debited when cash is received based on principal "Debit…

Q: Please tell me if the following are an asset, liability or equity account and if they are real or…

A: Following account are classifed as asset, liability , equity, Real and Nominal accounts are shown…

Q: Identify each of the following accounts of Dispatch Services Co. as asset, liability, owner’s…

A: Normal balance: Normal balance refers to the excess of amount on one side, over the amount on the…

Q: State for each account whether it is likely to have (a) debit entries only, (b) credit entries only,…

A: Normal balance: Normal balance refers to the excess of amount on one side, over the amount on the…

Q: It is calculated to verify the sum of the debit is equal to the sum of credit a. Journal b. Trial…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Identify whether each of the following accounts is permanent or temporary A. Accounts Receivable…

A: The post-closing trial balance is prepared after all the adjustment entries and closing entries.…

Q: Required: 1. Record the above transactions (in chronological order) directly in the following T…

A: Ledger is collection of all the accounts in an accounting system. When every journal is posted to…

Q: A debit is used to increase which of the following accounts? a. Utilities Expense.b. Accounts…

A: Definition: Normal balance: Normal balance refers to the excess of the amount on one side, over the…

Q: For each account, identify whether the normal balance is a debit or credit a.Notes Payable…

A: Normal balance: Normal balance refers to the excess of amount on one side, over the amount on the…

Q: the company rendered services on account, what is the entry? O debit cash, credit service revenue…

A: Rendering services is called service revenue for the business. For services rendered, amount may be…

Q: For each of the accounts listed below, indicate whether the typical or normal balance is a debit or…

A: The different accounts in business have different balance as debit and credit. The assets and…

Q: State for each account whether it is likely to have (a) debit entries only, (b) credit entries only,…

A: Debit and credit: Recording of a transaction under debit side is debit and recording under credit…

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