Question
The following accounts are from Yoojin Chang's interior design company, Big Apple Design. For each account, complete the following. The first one has been completed
The following accounts 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, drawings, revenue or expense)
(2) Thefinancialstatementtheaccountisrecordedon(IncomeStatement,StatementofChangesin 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).
Under what category is Cash, Design Revenue, Supplies, Salaries Expense,Account payable, Yoojin Chang, Capital Account ,Accounts Receivable, Yoojin Chang, withdrawals, Notes Payable, Prepaid Insurance giving the category option Cash, Asset, Balance Sheet, Debt, Effect of Debt , Effect of Credit, given the sample below, the attached photo.
Can you please help me identify classify accounts samples from letter a to j to number 2 to 5 like the sample attached.
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