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2. Listed below are selected accounts from the financial statements of Bargain Mart for the year ended December 31, 2016. In the blank space provided
2. Listed below are selected accounts from the financial statements of Bargain Mart for the year ended December 31, 2016. In the blank space provided for each account, indicate what type of account it is, its normal balance, and the debit credit rules for increasing and decreasing it. Use the following abbreviations for your answers: Type of Account A= Asset L = Liability SE = Stockholders Equity R=Revenue E = Expense Normal Account Balance Dr=Debit C1 = Credit Rules to Increase or Decrease the Account Dr=Debit Cr= Credit Type of Account A Normal Balance Dr Rule to Increase Rule to Decrease Example Cash (a Income Taxes Accounts Payable (c) Retained Earnings Prepaid Expenses Sales Revenues Long-term Debt Intangibles Common Stock
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