E2-12 Identifying accounts, increases in accounts, and normal balances a. Intere

Question

E2-12 Identifying accounts, increases in accounts, and normal balances a. Interest Revenue b. Accounts Payable c. Calhoun, Capital d. Office Supplics e. Advertising Expense Requirements 1. Identify each account as asset (A), liability (L), or equity (E). 2. Identify whether the account is increased with a debit (DR) or credit (CR) 3. Identify whether the normal balance is a debit (DR) or credit (CR). f. Unearned Revenue g Prepaid Rent h. Utilities Expense i. Calhoun, Withdrawals j. Service Revenue

Explanation / Answer

Account is increases

With DR/CR

Account name Type of account

Account is increases

With DR/CR

Normal balaces Interest Revenue Equity credit credit Accounts Payable Liability credit credit Calhoun, Capital Equity credit credit Office Supplies Assets debit debit Advertising Expenses Equity debit debit Unearned Revenue Liability credit credit Prepaid Rent Assets debit debit Utilities Expense Equity debit debit Calhoun, Withdrawals Equity debit debit Service Revenue Equity credit credit

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