Question

In: Accounting

Match the letter corresponding to one of the basic elements of accounting to each of the...

Match the letter corresponding to one of the basic elements of accounting to each of the accounts below:

A = Asset​​L = Liability​​OE = Owner's Equity

​1. Rent Expense​​__________​​​6. Cash​​​__________

2. Office Equipment​__________​​​7. Insurance Expense​__________

3. Accounts Payable​__________​​​8. Owner’sWithdrawals​__________

4. Owner’s Capital​​__________​​​9. Service Revenue​__________

5. Accounts Receivable​__________​​​10.Prepaid Insurance​__________

For the accounts listed below, indicate if the normal balance of the account is a debit (DR) or a credit (CR).

1. Service Revenue​__________​​​6. Office Supplies​​__________

2. Rent Expense​​__________​​​7. Insurance Expense​__________

3. Accounts Receivable​__________​​​8. Owner’s Capital​​__________

4. Accounts Payable​__________​​​9. Office Building​​__________

5. Owner’s Withdrawals​__________​​​10. Notes Payable​​__________

Solutions

Expert Solution

1. OE

2. A

3. L

4. OE

5. A

6. A

7. OE

8. OE

9. OE

10. A

1. CR

2. DR

3. DR

4. CR

5. DR

6. DR

7. DR

8. CR

9. DR

10. CR

ekkarill92 answered 2 years ago
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