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15 July, 18:45

1. Identify each account as an 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) (a) Interest Revenue (b) Accounts Payable (c) Calhoun, Capital (d) Office Supplies (e) Advertising Expense (f) Unearned Revenue (g) Prepaid Rent

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  1. 15 July, 20:42
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    Interest Revenue: Income, Credit balance, credit increases the balance, debit reduces such balance

    Accounts Payable: Liability, Credit balance, credit increases the balance, debit reduces such balance

    Calhoun Capital: Equity, Credit balance, Credit increases the balance, debit reduces such balance

    Office Supplies: Asset, Debit balance, Debit increases the balance, credit reduce such balance

    Advertising Expense: Expense, Debit balance, debit increases the balance, credit reduces such balance

    Unearned Revenue: Liability, Credit balance, credit increases the balance, debit reduces such balance

    Prepaid Rent: Asset, Debit balance, Debit increases the balance, credit reduces such balance
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