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Indicate whether a debit or credit decreases the normal balance of each of the following accounts.

a. Land
b. Service revenue
c. Interest payable
d. Accounts receivable
e. Salaries expenses
f. Common stock
g. Prepaid insurance
h. Building
i. Interest revenue
j. Dividends
k. Unearned Revenue
l. Accounts payable

Answer :

Answer:

Explanation:

A. Credit

b. Debit

c. Debit

d credit

e credit

f. Debit

g. Credit

h. Credit

i. Debit

j. Credit

k. Debit

l. Debit
  1. Land: It is an asset so debit will increase its balance whereas credit will decrease its balance.
  2. Service revenue: It is an income so credit will increase its balance whereas debit will decrease its balance.
  3. Interest payable: It is a liability so credit will increase its balance whereas debit will decrease its balance.
  4. Accounts receivable: It is an asset so debit will increase its balance whereas credit will decrease its balance.
  5. Salaries expenses: It is an expense so debit will increase its balance whereas credit will decrease its balance.
  6. Common stock: It is an asset so debit will increase its balance whereas credit will decrease its balance.
  7. Prepaid insurance: It is an asset so debit will increase its balance whereas credit will decrease its balance.
  8. Building: It is an asset so debit will increase its balance whereas credit will decrease its balance.
  9. Interest revenue: It is an asset so debit will increase its balance whereas credit will decrease its balance.
  10. Dividends: It is a liability so credit will increase its balance whereas debit will decrease its balance.
  11. Unearned Revenue: It is a liability so credit will increase its balance whereas debit will decrease its balance.
  12. Accounts payable: It is a liability so credit will increase its balance whereas debit will decrease its balance.

What is an asset?

A resource having economic worth that a person, business, or nation possesses or controls with the hope that it would someday be beneficial is referred to as an asset. They are acquired or produced in order to raise a company's value or improve the operations of the company. It can be tangible or intangible.

What is a liability?

A liability is a debt that a firm owes that will cause it to forfeit future financial gains from dealing with other people or companies. A liability may be used in place of equity as a means of funding a business. Additionally, some liabilities are necessary for day-to-day corporate operations, such as trade payables or tax payments.

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