Financial Accounting > QUESTIONS & ANSWERS > ACCT 1010 Fundamental Accounting Principles 21st edition Chapter 2 HW Score: 8 out of 8 points (10 (All)

ACCT 1010 Fundamental Accounting Principles 21st edition Chapter 2 HW Score: 8 out of 8 points (100%) | Northeast State Community College

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Score: 8 out of 8 points (100%) 1. award: 1 out of 1 point Exercise 2-1 Identifying type and normal balances of accounts L.O. C3, C5 For each of the following (1) identify the type of account as... an asset, liability, equity, revenue, or expense, (2) select debit (Dr.) or credit (Cr.) to identify the kind of entry that would increase the account balance, and (3) identify the normal balance of the account. Account Type of Account Increase (Dr. or Cr.) Normal Balance a. Accounts Payable Liability Credit Credit b. Postage Expense Expense Debit Debit c. Prepaid Insurance Asset Debit Debit d. Land Asset Debit Debit e. Owner Capital Equity Credit Credit f. Accounts Receivable Asset Debit Debit g. Owner Withdrawals Equity Debit Debit h. Cash Asset Debit Debit i. Equipment Asset Debit Debit j. Fees Earned Revenue Credit Credit k. Wages Expense Expense Debit Debit l. Unearned Revenue Liability Credit Credit Exercise 2-1 Identifying type and normal balances of accounts L.O. C3, C5 For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense, (2) select debit (Dr.) or credit (Cr.) to identify the kind of entry that would increase the account balance, and (3) identify the normal balance of the account. Account Type of Account Increase (Dr. or Cr.) Normal Balance a. Accounts Payable Liability Credit Credit b. Postage Expense Expense Debit Debit c. Prepaid Insurance Asset Debit Debit d. Land Asset Debit Debit e. Owner Capital Equity Credit Credit f. Accounts Receivable Asset Debit Debit g. Owner Withdrawals Equity Debit Debit h. Cash Asset Debit Debit i. Equipment Asset Debit Debit j. Fees Earned Revenue Credit Credit k. Wages Expense Expense Debit Debit l. Unearned Revenue Liability Credit CreditAssignment Print View 8/9/10 10:26 AM http://ezto.mhhm.mcgraw-hill.com/hm_accounting.tpx?todo=printview Page 2 o [Show More]

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