For each of the following (1) identify the account as an asset, liability, equity, revenue, or expense; (2) Identify the normal balance of the account; and (3) select debit or credit to identify the kind of entry that would increase the account balance. a. Notes Receivable b. Land c. Cash d. Legal Expense e. Prepaid Insurance f. Accounts Receivable g. Supplies h. Tour Service Revenue i. Uneamed Revenue j. Services Revenue k. Equipment 1. Notes Payable

For each of the following (1) identify the account as an asset, liability, equity, revenue, or expense; (2) Identify the normal balance of the account; and (3) select debit or credit to identify the kind of entry that would increase the account balance. a. Notes Receivable b. Land c. Cash d. Legal Expense e. Prepaid Insurance f. Accounts Receivable g. Supplies h. Tour Service Revenue i. Uneamed Revenue j. Services Revenue k. Equipment 1. Notes Payable

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Description: For each of the following (1) identify the account as an asset, liability, equity, revenue, or expense; (2) Identify the normal balance of theaccount; and (3) select debit or credit to identify the kind of entry that would increase the account balan

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 2EB: Consider the following accounts and determine if the account is an asset (A), a liability (L), or...

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