a) Fill in the blanks with either “debit” or “credit”What increases the account?What decreases the account?What is the normal balance?AssetsLiabilitiesEquityRevenueGainsExpensesLossesb) Based on the following information, prepare
a balance sheet.Current Assets = $50,000; Property, Plant & Equipment =
$125,000;Accumulated Depreciation = $25,000; Accounts Payable =
$10,000;Notes Payable = $15,000; Total Liabilities = $50,000c) Prepare “Adjusting Journal Entries” for the
following monthly transactions that occurred during the month of
June 2010: (a) payment of $40,000 in employee salaries; (b) $70,000
in “cash”...