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Unformatted text preview: F. To decrease unearned revenue - Debit G. To decrease prepaid insurance - Credit H. To increase notes payable - credit I. To decrease accounts receivable - Credit J. To increase owner capital - Credit QS 2-5 Identify whether the normal balances (in parenthesis) assigned to the following accounts are correct or incorrect: A. Office supplies (Debit) - Correct B. Owner withdrawals (Credit) - Incorrect C. Fees earned (Debit) - incorrect D. Wages expense (Credit) - Incorrect E. Cash (Debit) - Correct F. Prepaid insurance (Credit) - Incorrect G. Wages payable (Credit) – Correct H. Building (Debit) - Correct...
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- Spring '10
- Revenue, Debit, Generally Accepted Accounting Principles, Accounting software, F. Owner capital, G. Prepaid insurance