Problem: Indicate whether debit or credit decreases the normal balance of each of the following accounts:
office supplies-repair services revenue-interest payable-accounts receivable-salaries expenses-owner capital-prepaid insurance-buildings-interest revenue-owner withdrawals-unearned revenue-accounts payable.
Identify whether a debit or credit yields the indicated change for each of the following accounts:
to increase store equipment- to increase owner revenue- to increase cash- to increase utilities expense- to increase fees earned- to decrease unearned revenue-to decrease prepaid insurance-to decrease notes payable-to decrease accounts receivable-to decrease owner capital.
Identify whether the normal balances (in parentheses) assigned to the following accounts are correct or incorrect:
office supplies (debit) owner withdrawals (credit) fees earned (debit) wages expense (credit) cash (debit) prepaid insurance (credit) wages payable (credit) building (debit).