complete the chart for the following transactions using the rules of debit and c
ID: 2358694 • Letter: C
Question
complete the chart for the following transactions using the rules of debit and credit:
Guidelines for the assignment:
Name the account as an asset, liability, or owner s equity.
Record whether the increase is on the debit side or the credit side.
Record whether the decrease is on the debit side or the credit side.
Write whether the normal balance is a debit or credit balance.
Account name
Asset
Liability
Owner’s Equity
Increase side
Decrease side
Normal balance side
Cash
x
Debit
Credit
Debit
Cash in bank
Accounts Rec
Laptop
Office Equipment
Accounts Payable
Owner’s capital
Account name
Asset
Liability
Owner’s Equity
Increase side
Decrease side
Normal balance side
Cash
x
Debit
Credit
Debit
Cash in bank
Accounts Rec
Laptop
Office Equipment
Accounts Payable
Owner’s capital
Explanation / Answer
Having trouble pasting the chart so I did it like this starting with Cash. 1. Asset, Debit, Credit, Debit 2. Asset, Debit, Credit, Debit 3. Asset, Debit, Credit, Debit 4. Asset, Debit, Credit, Debit 5. Asset, Debit, Credit, Debit 6. Liability, Credit, Debit, Credit 7. Owner's equity, credit, debit, credit
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