Identify each of the following accounts of Kaiser 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.
a. Accounts Payable
b. Accounts Receivable
c. Amanda Whitmore, Capital
d. Amanda Whitmore, Drawing
e. Cash
f. Fees Earned
g. Office Equipment
h. Rent Expense
i. Supplies
j. Wages Expense
Answer:
a. Liability—credit
b. Asset—debit
c. Owner’s equity
d. Owner’s equity
e. Asset—debit
f. Revenue—credit
g. Asset—debit (Amanda Whitmore, Capital)—credit
h. Expense—debit
i. Asset—debit (Amanda Whitmore, Drawing)—debit
j. Expense—debit