Question 1
Please indicate whether the normal balance of each of the following accounts is a debit or a credit:
Debit |
Credit |
||
1. |
Equipment |
||
2. |
Land |
||
3. |
Owner's, Withdrawals |
||
4. |
Rent Expense |
||
5. |
Interest Revenue |
||
6. |
Prepaid Rent |
||
7. |
Accounts Receivable |
||
8. |
Office Supplies |
||
9. |
Notes Receivable |
||
10. |
Notes Payable |
||
11. |
Owner's, Capital |
||
12. |
Rent Earned |
||
13. |
Rent Payable |
||
14. |
Interest Expense |
||
15. |
Interest Payable |
Question 2
The following transactions take place in April 2018 for Del Martin Consulting:
Required:
Solution to QUESTION-1
Sl No | Accounts | Account balance | Account balance |
1 | Equipment | Debit | |
2 | Land | Debit | |
3 | Owner's, Withdrawals | Debit | |
4 | Rent Expense | Debit | |
5 | Interest Revenue | Credit | |
6 | Prepaid Rent | Debit | |
7 | Accounts Receivable | Debit | |
8 | Office Supplies | Debit | |
9 | Notes Receivable | Debit | |
10 | Notes Payable | Credit | |
11 | Owner's, Capital | Credit | |
12 | Rent Earned | Credit | |
13 | Rent Payable | Credit | |
14 | Interest Expense | Debit | |
15 | Interest Payable | Credit | |
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