Complete the Following Tables To increase the balance in the

Complete the Following Tables To increase the balance in the following accounts, would youWrite Out Write Out DEBIT or egoryCREDIT debit the account or would you credit the account? ELEMENT Cat Accounts Payable Cash Land Notes Payable Accounts Receivable Common Stock Supplies Dividends Bad Debt Expense Accumulated Depreciation Service Revenue Treasury Stock Equipment Deferred Revenue OutWrite Out To decrease the balance in the following accounts, would you Write Out ELEMENT DEBIT or CREDIT debit the account or would you credit the account? Category Deferred Revenue Accounts Payable Prepaid Insurance Patents Common Stock Allowance for Uncollectible Accounts Dividends Payable Notes Payable Cash Service Revenue Treasury Stock Accounts Receivable Land Supplies

Solution

To increase the balance in the following accounts, would you debit the account or credit the account Write out ELEMENT category Write out DEBIT or CREDIT Accounts Payable Liability Credit Cash Asset Debit Land Asset Debit Notes Payable Liability Credit Accounts Receivable Asset Debit Common Stock Stockholder\'s Equity Credit Supplies Asset Debit Dividends Stockholder\'s Equity Debit Bad Debt Expense Expense Debit Accumulated Depreciation Liability Credit Service Revenue Income Credit Treasury Stock Stockholder\'s Equity Debit Equipment Asset Debit Deferred Revenue Liability Credit To decrease the balance in the following accounts, would you debit the account or credit the account Write out ELEMENT category Write out DEBIT or CREDIT Deferred Revenue Liability Debit Accounts Payable Liability Debit Prepaid Insurance Asset Credit Patents Asset Credit Common Stock Stockholder\'s Equity Debit Allowance for uncollectible accounts Liability Debit Dividends Payable Liability Debit Notes Payable Liability Debit Cash Asset Credit Service Revenue Income Debit Treasury Stock Stockholder\'s Equity Credit Accounts Receivable Asset Credit Land Asset Credit Supplies Asset Credit What is the normal balance for the following accounts? Write out ELEMENT category Write out DEBIT or CREDIT Sales Returns and Allowances Expense Debit Accounts Payable Liability Credit Prepaid Insurance Asset Debit Copyright Asset Debit Common Stock Stockholder\'s Equity Credit Interest Expense Expense Debit Dividends Stockholder\'s Equity Debit FICA Payable Liability Credit Cash Asset Debit Sales Revenue Income Credit Treasury Stock Stockholder\'s Equity Debit Paid in capital Stockholder\'s Equity Credit Long term Marketable Securities Asset Debit Amortization expense Expense Debit Office Equipment Asset Debit Cost of goods sold Cost Debit Depreciation expense Expense Debit Loss Loss Debit Warranty Liability Liability Credit Discount on Bonds Payable Liability Credit Generally when an expense is involved in a transaction, an expense will be: Debited Generally when revenues are involved in a transaction, a revenue account will be: Credited The accountant\'s word to indicate that an entry will be recorded on the left side of an account is: Debit A contra asset account such as Accumulated Depreciation will likely have which balance? Credit A contra liability account such as Discount on Notes Payable will likely have which balance? Debit