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10. r@ktas company borrowed $ 7,000 cash from the Trust Bank. As a result of this transaction, a. assets would decrease by $ 7,000
10. r@ktas company borrowed $ 7,000 cash from the Trust Bank. As a result of this transaction, a. assets would decrease by $ 7,000 b. liabilities would increase by $7,000 c. shareholders' equity would increase by 7,000 d. revenue would increase by 7,000 11.What is the normal balance in each of these accounts? (Use the following abbreviations to answer this question; D - Debit, C- Credit) 1- Bank deposit 6.................... Cash 2............... ..Accounts payable 7.................. Inventory 3-................ .Capital 8............. .Prepaid insurance 4............. .Retained earnings 9................ Bank loan 10- Sales revenue 5-....................Accounts receivable 12.Classify the items listed (1 to 5) under the following balance sheet headings: 1- 234 A- Assets L- Liabilities SE- Shareholders' Equity 2-.. 3-. 4-.. 5............... .Cash .Capital .Equipment ..Accounts payable .Retained earnings
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