From that chart of accounts select an account (try to pick onethat has not been discussed yet), in the subject box put theaccount title you selected, then do the following:
1. Assets, Liabilities, Owner's Equity, Revenues, and Expenses arethe five categories (account types) that an account can beclassified as. Which category is the account you selected includedin?
2. The double-entry accounting system has specific rules forrecording debits and credits based on the type of account. Describehow these rules apply to the account you selected.
3. The normal balance of an account can be either a debit or acredit depending on whether increases in the account are recordedas debits or credits. What is the normal balance of the account youselected?
4. Think of a transaction that your account would be used in.Describe and illustrate journalizing the transaction.
From that chart of accounts select an account (try to pick onethat has not been discussed yet), in the subject box put theaccount title you selected, then do the following:
1. Assets, Liabilities, Owner's Equity, Revenues, and Expenses arethe five categories (account types) that an account can beclassified as. Which category is the account you selected includedin?
2. The double-entry accounting system has specific rules forrecording debits and credits based on the type of account. Describehow these rules apply to the account you selected.
3. The normal balance of an account can be either a debit or acredit depending on whether increases in the account are recordedas debits or credits. What is the normal balance of the account youselected?
4. Think of a transaction that your account would be used in.Describe and illustrate journalizing the transaction.
