Business, 25.01.2021 20:50 mikeeway33

Identifying type and normal balances of accounts Lo C4 For each of the following (1) identify the type of account as an asset, liability equity, revenue, or expense; (2) identify the normal balance of the account, and (3) select debit (Dr or credit (Cr) to identify the kind of entry that would increase the account balance. Account Type of Account Normal Balance Increase (Dr. or C
a. Land
b. Cash
c. Legal Expense
d. Prepaid Insurance
e. Accounts Receivable
f. Dividends
g. License Fee Revenue
h. Uneaned Revenue
i. Fees Earned
j. Equipment
k. Notes Payable
l. Common Stock

Answers: 2

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Answer from: luhmama

a. Land - Asset, Debit, Dr

b. Cash - Asset, Debit, Dr

c. Legal Expense - Expense, Debit, Dr

d. Prepaid Insurance - Asset, Debit, Dr

e. Accounts Receivable - Asset, Debit, Dr

f. Dividends - Equity, Credit, Cr

g. License Fee Revenue - Revenue, Credit, Cr

h. Uneaned Revenue - Liability, Credit, Cr

i. Fees Earned - Revenue, Credit, Cr

j. Equipment - Asset, Debit, Dr

k. Notes Payable - Liability, Credit, Cr

l. Common Stock - Equity, Credit, Cr

Explanation:

Assets, liabilities and equity are the elements of a balance sheet. These 3 elements form the accounting equation which is given as

Assets = Liabilities + Equity

Assets usually have a debit balance while equity and liabilities are usually credit balances. Expenses like assets usually have a debit balance while revenue usually has a credit balance.

Answer from: Quest

cognitive overload: having a lot on your mind impairs decision-making and tends to result in the simplest, but not necessarily best, option being selected.

empathy gaps: overlooking how you might feel in a different situation can result in unnecessary purchases, such as overbuying when shopping for food on an empty stomach.

optimism and overconfidence: wearing rose-tinted glasses and having unrealistic expectations about the future can affect money management and leave you unprepared for a change in circumstance.

instant gratification: seeking instant gratification drives impulsive spending and can undermine long-term planning and savings.

harmful habits: automatic or mindless behaviour can amplify a poor financial decision as it becomes a recurring event.

social norms: we are heavily influenced by the actions of others; while this can be in certain circumstances, it also contributes to the pressure to keep up with the joneses through conspicuous consumption.

Answer from: Quest

a dunce cap for you, you assed this 2 weeks ago

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Identifying type and normal balances of accounts Lo C4 For each of the following (1) identify the ty...

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