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The following accounts are from Yoojin Chang's interior design company, Big Apple Design. For each account, complete the following. 1. The basic account category (asset,
The following accounts are from Yoojin Chang's interior design company, Big Apple Design. For each account, complete the following. 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). 4. The effect of a debit to the account (increase or decrease). 5. The effect of a credit (increase or decrease). Basic Account Financial Statement Normal Balance Effect of a Debit Effect of a Credit a Cash Asset Balance Sheet Debit Increase Decrease C. Owner's Capital Balance Sheet and The Statement of Changes in Equity Credit Decrease Increase b. Supplies Accounts Payable Yoojin Chang, Capital d. Account Yoojin Chang, e. Withdrawals Design Revenue g Salaries Expense h Accounts Receivable Notes Payable j. Prepaid insurance f
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