For each of the following accounts, indicate the effects of a debit and a credit

Q: For each of the following accounts, indicate the effects of a debit and a credit

Solution: Debit Effect Credit Effect Normal Balance 1 Accounts Payable Decrease Increase Credit 2 Advertising Expense Increase Decrease Debit 3 Service Revenue Decrease Increase Credit 4 Accounts Receivables Increase Decrease Debit 5 Owner's Capital Decrease Increase Credit 6 Owner's Drawings Increase Decrease Debit

ID: 2489264 • Letter: F

Question

For each of the following accounts, indicate the effects of a debit and a credit on the accounts and the normal balance of the account.

Debit Effect

Credit Effect

Normal Balance

Brief Exercise 2-3

Debit Effect

Credit Effect

Normal Balance

1. Accounts Payable

IncreaseDecrease

CreditDebit

2. Advertising Expense

IncreaseDecrease

CreditDebit

3. Service Revenue

IncreaseDecrease

CreditDebit

4. Accounts Receivable

IncreaseDecrease

CreditDebit

5. Owner’s Capital

IncreaseDecrease

CreditDebit

6. Owner’s Drawings

IncreaseDecrease

CreditDebit

Explanation / Answer

Solution:

Debit Effect Credit Effect Normal Balance 1 Accounts Payable Decrease Increase Credit 2 Advertising Expense Increase Decrease Debit 3 Service Revenue Decrease Increase Credit 4 Accounts Receivables Increase Decrease Debit 5 Owner's Capital Decrease Increase Credit 6 Owner's Drawings Increase Decrease Debit

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For each of the following accounts, indicate the effects of a debit and a credit

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Explanation / Answer

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