Problem 3 Account Characteristics 10 points

Account Title

Account Type

What does Debit

do to account?

+ or -

Normal Balance

of Account

(Debit or Credit)

Which Financial Statement?

(Balance Sheet, Income Statement, Statement of Retained Earnings)

Example

Petty Cash

Asset

+

Debit

Balance Sheet

1

Depreciation Expense

2

Merchandise Inventory

3

Cost of Goods Sold

4

Unearned Subscription Revenue

5

Service Revenue

6

Retained Earnings

7

Allowance for Doubtful Accounts

8

Interest Receivable

9

Patent

10

Notes Payable due

in more than 1 year

Normal What Balance does Debit do to Which Financial Statement? Account Type of Account (Balance Sheet, Income Account Title (Debit or Statement, Statement of Retained Earnings) +or- Credit) Example Petty Cash Asset | Debit | Balance Sheet