Question 4 (14 marks) For each of the following accounts indicate in the examina

Question

Question 4 (14 marks) For each of the following accounts indicate in the examination booklet a the type of account (Asset,Liability, Owner's capital, Owner's drawings, Revenue Expense), b the debit and credit effects, and the normal account balance. Example 0. Cash a Asset account b. Debit increases, credit decreases C. Normal balance-debit 1. Accounts Payable 2 Accounts Receivable 3. J Stonehedge, Capital 4. J. Stonehedge, Drawings 5 Service Revenue 6. Insurance Expense 7 Notes Payable 8. Equipment

Explanation / Answer

Dear Student Thank you for using Chegg Please find below the answer Statementshowing Computations Paticulars a) b) c) 1)Accounts payable Liability Debit decreases , credit increases Credit 2) Accounts receivable Asset Debit increases , credit decreases Debit 3) J Stone hedge capital Owners Capital Debit decreases , credit increases Credit 4) J Stone hedge drawings Owners drawing Debit increases , credit decreases Debit 5) Service revenue Revenue   Debit decreases , credit increases Credit 6) Insurance expense Expense Debit increases , credit decreases Debit 7) Notes payable Liability Debit decreases , credit increases Credit 8) Equipment Asset Debit increases , credit decreases Debit

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