Financial & Managerial Accounting 13th Edition by Carl Warren , James Reeve,Jonathan Duchac

Exercise 1

Rules of debit and credit and normal balances
State for each account whether it is likely to have (a) debit entries only, (b) credit entries only, or (c) both debit and credit entries. Also, indicate its normal balance.
1. Accounts Receivable
2. Commissions Earned
3. Notes Payable
4. Common Stock
5. Rent Revenue
6. Wages Expense
State for each account whether it is likely to have (a) debit entries only, (b) credit entries only, or (c) both debit and credit entries. Also, indicate its normal balance.
1. Accounts Payable
2. Cash
3. Dividends
4. Miscellaneous Expense
5. Insurance Expense
6. Fees Earned