for each of the following 1 identify the type of accounts as an asset, liability, equity, revenue or expense 2 identify the normal balance of account and 3 select debit or credit to identify the kind of entry that would increase the account balance account pay consulting revenue salaries expense untitilies expense prepaid rent wage pay note recievable land cash legal expense prepaid insurance account recivable

for each of the following 1 identify the type of accounts as an asset, liability, equity, revenue or expense 2 identify the normal balance of account and 3 select debit or credit to identify the kind of entry that would increase the account balance account pay consulting revenue salaries expense untitilies expense prepaid rent wage pay note recievable land cash legal expense prepaid insurance account recivable

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter5: Completing The Accounting Cycle

Section: Chapter Questions

Problem 1Q: Explain what is meant by the term real accounts (also known as permanent accounts).

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