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

Question

Business

Frosty

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

+2

Answers (1)

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Gracie Baird · Answer 1

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