Answered: For each account, identify whether the…

For each account, identify whether the normal balance is a debit (DR) or credit (CR). a. Notes Payable b. Herman, Withdrawals c. Service Revenue d. Land e. Unearned Revenue

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter9: Auditing The Revenue Cycle.

Section: Chapter Questions

Problem 2CYBK: In the revenue cycle, the most significant accounts typically include revenue and accounts...

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

100%

For each account, identify whether the normal balance is a Debit(DR) or Credit (CR).

Expert Solution

Step 1

Journal entry means the entry in prime book with chronological order.

Journal entry should have debit with equal and corresponding credit.

All assets and expenses should have debit balance .

All liabilities and income should have credit balance.

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