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. Fees Earned (Click to select)AssetLiabilityEquityRevenueExpense (Click to select)DebitCredit (Click to select)DebitCredit
b. Equipment (Click to select)AssetRevenueLiabilityExpenseEquity (Click to select)DebitCredit (Click to select)DebitCredit
c. Notes Payable (Click to select)AssetLiabilityEquityRevenueExpense (Click to select)DebitCredit (Click to select)DebitCredit
d. Owner Capital (Click to select)AssetLiabilityEquityRevenueExpense (Click to select)DebitCredit (Click to select)DebitCredit
e. Cash (Click to select)AssetLiabilityEquityRevenueExpense (Click to select)DebitCredit (Click to select)DebitCredit
f. Legal Expense (Click to select)AssetLiabilityEquityRevenueExpense (Click to select)DebitCredit (Click to select)CreditDebit
g. Prepaid Insurance (Click to select)AssetLiabilityEquityRevenueExpense (Click to select)DebitCredit (Click to select)DebitCredit
h. Land (Click to select)AssetLiabilityEquityRevenueExpense (Click to select)DebitCredit (Click to select)DebitCredit
i. Accounts Receivable (Click to select)RevenueExpenseLiabilityAssetEquity (Click to select)DebitCredit (Click to select)CreditDebit
j. Owner Withdrawals (Click to select)RevenueExpenseAssetLiabilityEquity (Click to select)DebitCredit (Click to select)CreditDebit
k. License Fee Revenue (Click to select)AssetLiabilityEquityRevenueExpense (Click to select)DebitCredit (Click to select)DebitCredit
l. Unearned Revenue (Click to select)AssetLiabilityEquityRevenueExpense (Click to select)DebitCredit (Click to select)DebitCredit