Finane-Type Of Account Debit Effect Credit Effect Normal Account Balance

Question
Accounts Payable

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2.

Accounts Receivable

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3.

Common Stock

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4.

Dividends

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5.

Service Revenue

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6.

Insurance Expense

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7.

Notes Payable

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8.

Equipment

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For each of the following accounts indicate the type of account, the debit and credit effects and the normal account balance.

Example

0. Cash

a.

Asset account

b.

Debit increases, credit decreases

c.

Normal balance – debit