Financial and Managerial Accounting: E2-1 For each of the following (1) identify the type of account

Financial and Managerial Accounting

Exercise 2-1
For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense, (2) enter 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.
Accounts (1) Type of Account (2) Increase - Debit or Credit (3) Normal Balance
a. Unearned Revenue
b. Accounts Payable
c. Postage Expense
d. Prepaid Insurance
e. Land
f. Owner Capital
g. Accounts Receivable
h. Owner Withdrawals
i. Cash
j. Equipment
k. Fees Earned
l. Wages Expense
Powered by