Ex. 166 For the accounts listed below, indicate if the normal balance of the account is a debit or credit. Normal Balance Accounts Debit or Credit 1. Service Revenue 2. Rent Expense ...

Ex. 166

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

Normal Balance

Accounts Debit or Credit

1. Service Revenue

2. Rent Expense

3. Accounts Receivable

4. Accounts Payable

5. Retained Earnings

6. Office Supplies

7. Insurance Expense

8. Dividends

9. Office Building

10. Notes Payable

Ex. 167

For each of the following accounts, indicate the effects of (a) a debit and (b) the normal account balance.

1.Notes Payable

2.Prepaid Insurance

3.Salaries Expense

4.Repair Revenue

5.Equipment

6.Common Stock

Ex. 168

During an accounting period, a business has numerous transactions affecting each of the following accounts. State for each account whether it is likely to have (a) debit entries only, (b) credit entries only, or (c) both debit and credit entries.

(1)__Advertising Expense_____(6)Dividends

(2)__Service Revenue_____(7)Cash

(3)__Accounts Payable_____(8)Salaries Expense

(4)__Accounts Receivable_____(9)Notes Payable

(5)__Common Stock_____(10)Insurance Expense