Posted: May 22nd, 2015

Normal Balances

Normal Balances

Tell whether the normal balance of each account listed below is a debit or a credit.
a.  Accounts Payable
b.  Supplies
c.  Dividends
d.  Fees Earned
e.  Rent Expense
f.  Accounts Receivable
g.  Unearned Revenue
h.  Equipment

Recording Transactions in T Accounts

Set up T accounts and record each transaction using the information below. Determine the balance of each account.