Posted by Kim on Tuesday, April 8, 2008 at 9:59am.
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
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