Sunday, 19 June 2016

Identify each of the following accounts of Kaiser Services Co. as asset, liability, owner’s equity, revenue

Identify each of the following accounts of Kaiser Services Co. as asset, liability, owner’s equity, revenue, or expense, and state in each case whether the normal balance is a debit or a credit.

a. Accounts Payable
b. Accounts Receivable
c. Amanda Whitmore, Capital
d. Amanda Whitmore, Drawing
e. Cash
f. Fees Earned
g. Office Equipment
h. Rent Expense
i. Supplies
j. Wages Expense

Answer:
a. Liability—credit                            
b. Asset—debit                                  
c. Owner’s equity                              
d. Owner’s equity
e. Asset—debit
f. Revenue—credit
g. Asset—debit  (Amanda Whitmore, Capital)—credit
h. Expense—debit
i. Asset—debit  (Amanda Whitmore, Drawing)—debit
j. Expense—debit

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