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Unformatted text preview: - Debit g. To decrease Prepaid Insurance - Credit c. To decrease Cash - Credit h. To increase Notes Payable - Credit d. To increase Utilities Expense - Debit i. To decrease Accounts Receivable - Credit e. To increase Fees Earned - Credit j. To increase Owner Capital Credit QS 2-5 Identifying normal balance C5 Identify whether the normal balances (in parentheses) assigned to the following accounts are correct or incorrect. a. Office supplies (Debit) - Correct d. Wages Expense (Credit) Incorrect g. Wages Payable b. Owner Withdrawals (Credit) - incorrect e. Cash (Debit) -Correct (Credit) - Correct c. Fees Earned (Debit) - Incorrect f. Prepaid Insurance (Credit) - Incorrect h. Building (Debit) - Correct...
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This note was uploaded on 09/06/2010 for the course ACC 225 acc 225 taught by Professor Unknown during the Spring '10 term at University of Phoenix.
- Spring '10