Accounting - Please check me
posted by Kim on .
Indicate whether a debit or credit decreases the normal balance of each of the following accounts.
Office Supplies- debit
Repair Service Revenue- debit
Interest Payable- debit
Accounts Receivable- creditSalaries Expense- debit
Owner Capital- credit
Prepaid Insurance- debit
Identify whether a debit or credit yields the indicated change for each of the following accounts.
To increase Store Equipment- debit
To increase Owner Withdrawals- credit
To decrease Cash- debit-
To increase Utilities Expense- debit
To increase Fees Earned- credit
To decrease Unearned Revenue-debit
To decrease Prepaid Insurance- debit
To increase Notes Payable- debit
To decrease Account Receivable- credit
To increase Owner Capital- credit
Identify whether the normal balances (in parentheses) assigned to the following accounts are correct or incorrect.
Office supplies (Debit)- correct
Owner Withdrawals (Credit)- correct
Fees Earned (Debit)- correct
Wages Expense (Credit)
Cash (Debit)- correct
Prepaid Insurance(Credit)- correct
Wages Payable (Credit)- correct
Thank you for using the Jiskha Homework Help Forum. Here are some things on debits & credits to help you:
2. (differences): http://www.accounting-and-bookkeeping-tips.com/learning-accounting/accounting-basics-credit.htm
4. (tutorial #1): http://www.middlecity.com/
5. (tutorial #2): (Broken Link Removed)