Question

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

Answer 1

Follows are the responses to the given question:

Step-by-step explanation:

The same is always (2) and (3). This entry type which will raise the balance of the account is the typical balance expenditures, assets, earnings, and borrowing accounts are boosted by debits and reduced by loans. Credits increase income, liability, capital stocks, and owner's account and debits.

Asset:

Option b. Equipment

Option e. Cash

Option g. Prepaid Insurance

Option h. Land

Option i. Accounts Receivable

Liability:

Option c. Notes Payable

Option l. Unearned Revenue

Equity:

Option d. Common Stock

Option j. Dividends

Revenue:

Option k. License Fee Revenue

Option a. Fees Earned

Expense:

Option f. Legal Expense