A B C D 1 Question 7 LO10+LO11 (10 marks) The following accounts (a-h) are from Yoojin Chang's interior design company, Big Apple Design. For each account, complete the following. The first one has been completed for you as an example. (1) The basic account category (asset, liability, owner's capital, withdrawal, revenue, or expense) (2) The financial statement the account is recorded on (Income Statement, Statement of Changes in Equity, or Balance Sheet). (3) The normal balance (debit or credit). 2 (4) The effect of a debit to the account (increase or decrease). (5) The effect of a credit (increase or decrease). (a) Basic Account 3 (b) Financial Statement (c) Normal Balance (d) Effect of a Debit (e) Effect of a Credit 4 a. Cash Asset Balance Sheet Debit Increase Decrease 5 6 b. Supplies 7 B 9 c. Accounts Payable 10 Yoojin Chang, Capital 11 d Account 12 e. Yoojin Chang, Withdrawals 13 14 f. Design Revenue 15 16 g. Salaries Expense 17 18 h. Accounts Receivable 19 20 1. Notes Payable 21 22 J. Prepaid insurance 23 24 h. Advertising Expense 25 26