Identify each of the following accounts of Dispatch Services Co. as asset, liability, owner's equity, revenue, or
Question:
Identify each of the following accounts of Dispatch Services Co. as asset, liability, owner's equity, revenue, or expense and state in each case whether the normal balance is a debit or a credit:
a. Accounts Payable
b.Accounts Receivable
c. Ashley Griffin, Capital
d. Ashley Griffin, Drawing
e. Cash
f. Fees Earned
g. Office Equipment
h. Rent Expense
i. Supplies
j. Wages 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...
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