For each of the following (1) identify the type of account as an asset, liabilit

Question

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) select debit (Dr) or credit (Cr.) to identify the kind of entry that would increase the account balance Account Type of Account Normal Balance Increase (Dr. or Cr.) a. Supplies b. Accounts Payable c. Consulting Revenue d. Salaries Expense Utilities Expense f. Prepaid Rent g. Wages Payable h. Notes Receivable i. Land jCash k Legal Expense . Prepaid Insurance

Explanation / Answer

Accounts Type of Account Normal Balance Increase Dr. or Cr. Supplies Asset Debit Debit Accounts Payable Liability Credit Credit Consulting Revenue Revenue Credit Credit Salaries Expense Expense Dabit Debit Utilities Expense Expense Dabit Dabit Prepaid Rent Asset Debit Debit Wages Payable Liability Credit Credt Notes Receivable Assets Debit Debit Land Assets Debit Debit Cash Assets Debit Debit Legal Expense Expense Debit Debit Prepaid Insurence Assets Debit Debit

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