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QUESTION ONE - ACCOUNT BALANCES - 10 MARKS State whether the account should be debited or credited and the normal balance of the account for
QUESTION ONE - ACCOUNT BALANCES - 10 MARKS State whether the account should be debited or credited and the normal balance of the account for the items listed below: Normal balance of the account Account Recorded as a debit or credit Action a) Accounts payable b) Salary expense c) Withdrawals d) Capital e) Supplies Accounts receivable a) Increase in Accounts payable b) Increase in Salary expense c) Increase in Withdrawals d) Decrease in Capital e) Decrease in Supplies Increase in Accounts receivable g) Decrease in Unearned Revenue g) Unearned Revenue h) Prepaid Rent ) Utilities expense h) Decrease in Prepaid Rent ) Increase in Utilities expense j) Decrease in Land i) Land
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