Debit and Credit and Normal Balance
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In columns (a) and (b) indicate whether the change in the account would be recorded as a debit or a credit and whether the normal balance of the account is a debit or a credit. In column (c) indicate if the basic type of account is Asset, Liability or Stockholder's Equity.
(a) (b ) (c)
Recorded Normal Basic
As Balance Account
Increase in Common Stock Credit Credit Stockholders' Equity
Increase in Dividends
Decrease in Accounts Receivable
Increase in Note Payable
Increase in Accounts Payable
Decrease in Supplies
Decrease in Salaries Expense
Decrease in Retained Earnings
Increase in Cash
Decrease in Land
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Solution Summary
This solution contains a table format that indicates whether the normal balance is debit or credit, and the effect of the entry. Full explanation is given for special items like dividend payment and decrease in salary expense.
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Question:In columns (a) and (b) indicate whether the change in the account would be recorded as a debit or a credit and whether the normal balance of the account is a debit or a credit. In column (c) indicate if the basic type of account is Asset, Liability or Stockholder's Equity.
(a) (b ) (c)
Recorded Normal Basic
...
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