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3 years ago

For each of the following:

Business

1 answer:

Mama L [17]3 years ago

8 0

Answer and Explanation:

As we know that

The assets, expenses contains debit balance while the liabilities, revenues and stockholder equity contains credit balance

So based on this, the classifications are as follows

Particulars Type of account Normal balance Debit or credit Reason

a. Land Asset debit debit resources on the owners hand

b. Cash Asset debit debit resources on the owners hand

c. Legal Expense = expense debit debit consumption of cost

d. Accounts Receivable Asset debit debit resources on the owners hand

e. Dividends = Equity debit debit distribution made to owners

g. Notes Payable = Liability credit credit obligation made to creditors

h. Common Stock = Equity credit credit investment done by the owners

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