For each of the following accounts, indicate the (a) effect of a debit or credit on the

Question:

For each of the following accounts, indicate the (a) effect of a debit or credit on the account, (b) normal balance, and (c) appropriate statement classifi cation (income statement, statement of changes in equity, and/or statement of financial position). Note that there may be more than one statement classifi cation in some cases.
1. Advertising expense
3. Service revenue
4. Unearned revenue
6. Cash
7. Dividends
8. Common shares
9. Prepaid insurance
10. Equipment
11. Retained earnings
12. Income tax expense
Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...