Question

Identify whether a debit or credit yields the indicated change for each of the following accounts:
a. To increase Store Equipment
f. To decrease Unearned Revenue
b. To increase Owner Withdrawals
g. To decrease Prepaid Insurance
c. To decrease Cash
h. To increase Notes Payable
d. To increase Utilities Expense
i. To decrease Accounts Receivable
e. To increase Fees Earned
j. To increase Owner Capital
QS 2-5
Identifying normal balance
C5
Identify whether the normal balances (in parentheses) assigned to the following accounts are correct
or incorrect.
a. Office supplies (Debit)
d. Wages Expense (Credit)
g. Wages Payable
b. Owner Withdrawals (Credit)
e. Cash (Debit) (Credit)
c. Fees Earned (Debit)
f. Prepaid Insurance (Credit)
h. Building (Debit)

Answer 1

Identify whether the normal balance (in paratheses) assigned to the following accounts are correct?