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2. Accounts; Debit or Credit normal balance (1pt; 0.1pts each): Below is a listing of accounts used by the Munder-Difflin Paper Company. Indicate whether
2. Accounts; Debit or Credit normal balance (1pt; 0.1pts each): Below is a listing of accounts used by the Munder-Difflin Paper Company. Indicate whether the normal balance of each account is a debit or a credit. I have done the first one as an example for you (I have included a brief explanation in parenthesis for reference, but you don't need to do that). Account title Cash Retained Earnings Inventory Sales Revenue Dividends Retained Earnings Advertising Expense Accounts Payable Prepaid Insurance Rent Expense Common Stock Debit or Credit normal balance? Debit balance (Why? Cash is an Asset; asset accounts have normal debit, or left side, balances)
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