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3 July, 03:34

Selected accounts from the ledger of Garrison Company appear below. For each account, indicate the following:

a. In the first column at the right, indicate the nature of each account, using the following abbreviations: Asset - A Revenue - R Liability - L Expense - E None of the above - N

b. In the second column, indicate the increase side of each account by inserting "Dr." for Debit or "Cr." for Credit.

Account Type of Account Increase Side

(1) Supplies

(2) Fees Earned

(3) Retained Earnings

(4) Accounts Payable

(5) Salaries Expense

(6) Common stock

(7) Accounts Receivable

(8) Equipment

(9) Notes Payable

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Answers (1)
  1. 3 July, 05:35
    0
    Answer & Explanation:

    Account Type of Account Increase side

    Supplies Asset Debit

    Retained Earnings Capital Credit

    Fees Earned Revenue Credit

    Accounts Payable Liability Credit

    Salary Expense Debit

    Common Stock Asset Debit

    Account Receivable Asset Debit

    Equipment Asset Debit

    Notes Payable Liability Credit
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