For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense; (2) identify the normal balance of the account; and (3) enter debit (Dr.) or credit (Cr.) to ide of entry that would increase the account balance. a. Land b. Cash c. Legal Expense d. Prepaid Insurance e. Accounts Receivable f. Owner, Withdrawals g. License Fee Revenue h. Unearned Revenue i. Fees Earned j. Equipment k. Notes Payable

What is the normal balance of accounts payable? Group of answer choices debit either debit or credit This is an ambiguous question credit

Riverbed Cole Inc. acquired the following assets in January of 2018. Equipment, estimated service life, 5 years; salvage value, $14,500 Building, estimated service life, 30 years; no salvage value $536,500 $669,000 The equipment has been depreciated using the sum-of-the-years digits method for the first 3 years for financial reporting purposes. In 2021, the company decided to change the method of computing depreciation to the straight-line method for the equipment, but no change was made in the estimated service life or salvage value. It was also decided to change the total estimated service life of the building from 30 years to 40 years, with no change in the estimated salvage value. The building is depreciated on the straight-line method. (a) Prepare the general journal entry to record depreciation expense for the equipment in 2021. (b) Prepare the journal entry to record depreciation expense for the building in 2021. (Round answers to O decimal places, e.g. 125. Credit account…

Under the accrual basis of accounting - if cash has been received before the revenue has been earned, which of the following journal entries should be recorded?   A)  Debit Cash,         Credit Unearned Revenue.   B) Debit Cash,         Credit Sales Revenue.   C) Debit Unearned Revenue,          Credit Cash.   D) Debit Cash,           Credit Accounts Receivable.