Business, 25.01.2020 03:31 702580

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) enter debit (dr.) or credit (cr.) to identify the kind of entry that would increase the account balance. a. cash b. legal expense c. prepaid insurance d. land e. accounts receivable f. dividends g. license fee revenue h. unearned revenue i. fees earned j. equipment k. notes payable l. common stock

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Answer from: tyreannag2423

Please see explanation.

Explanation:

1. and 2.

Type of accounts Normal balance

a. Cash asset Debit

b. Legal Expense expense Debit

c. Prepaid Insurance asset Debit

d. Land asset Debit

e. Accounts Receivable asset Debit

f. Dividends equity Debit

g. License Fee Revenue revenue Credit

h. Unearned Revenue liability Credit

i. Fees Earned revenue Credit

j. Equipment asset Debit

k. Notes Payable liability Credit

l. Common Stock equity Credit

Journal entries to increase the balance:

Dr Cr

a. Cash Cash Revenue

b. Legal Expense Legal expenses Cash

c. Prepaid Insurance Prepaid Insurance Cash

d. Land Land Cash

e. Accounts Receivable Accounts receivable Revenue

f. Dividends Retained earnings cash

g. License Fee Revenue Cash License Fee Revenue

h. Unearned Revenue Cash Unearned revenue

i. Fees Earned Cash Fees Earned

j. Equipment Equipment Cash

k. Notes Payable Cash Notes Payable

l. Common Stock Cash Common Stock

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