Identify each of the following accounts of Dispatch Services Co. as asset, liability, owner's equity, revenue, or expense, and state in each case whether the normal balance is a debit or a credit: Item Type of Account Debit or Credit a. Accounts Payable Asset b. Accounts Receivable c. Ashley Griffin, Capital d. Ashley Griffin, Drawing e. Cash f. Fees Earned g. Office Equipment h. Rent Expense i. Supplies j. Wages Expense

Question

Kristen Santiago

Business

24 September, 18:48

Identify each of the following accounts of Dispatch Services Co. as asset, liability, owner's equity, revenue, or expense, and state in each case whether the normal balance is a debit or a credit: Item Type of Account Debit or Credit a. Accounts Payable Asset b. Accounts Receivable c. Ashley Griffin, Capital d. Ashley Griffin, Drawing e. Cash f. Fees Earned g. Office Equipment h. Rent Expense i. Supplies j. Wages Expense

+3

Answers (1)

Know the Answer?

Lyons · Answer 1

In this question, we apply the golden rule of accounting. There are three accounts which are dealing in it

Real account - It deals with the assets, liabilities, and equity side of the balance sheet

Nominal account - It deals with the expenses, losses and income and gains

Personal account - It deals with the person's needs like - for debtors, creditors, suppliers, etc

a. Account payable - liability - credit side.

b. Account receivables - an asset - debit side

c. Ashley Griffin, capital - owner equity - credit side

d. Ashley Griffin, Drawing - owner equity - debit side

e. Cash - an asset - debit side

f. Fees Earned - revenue - credit side

g. Office Equipment - an asset - debit side

h. Rent Expense - expense - debit side

i. Supplies - asset - debit side

j. Wages Expense - expense - debit side