Question: In columns (a) and (b) indicate whether the change in the account would be recorded as a debit or a credit and whether the normal balance of the account is a debit or a credit. In column (c) indicate if the basic type of account is Asset, Liability or Stockholder’s Equity.
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(a)
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(b )
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(c)
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Recorded
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Normal
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Basic
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As
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Balance
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Account
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Increase in Common Stock
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Credit
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Credit
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Stockholders' Equity
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Increase in Dividends
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Decrease in Accounts Receivable
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Increase in Note Payable
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Increase in Accounts Payable
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Decrease in Supplies
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Decrease in Salaries Expense
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Decrease in Retained Earnings
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Increase in Cash
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Decrease in Land
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