Assets, Liabilities, or Equity??
Repair expense
Expense - increases with debit journal entry
Accounts receivable
Asset - increases with debit journal entry
Cash
Asset - increases with debit journal entry
Equipment
Asset - increases with debit journal entry
Interest receivable
Asset - increases with debit journal entry
Notes receivable
Asset - increases with debit journal entry
Office supplies
Asset - increases with debit journal entry
Prepaids
Asset - increases with debit journal entry
Accumulated depreciation
Contra Asset - increases with credit journal entry
Dividends
Contra Equity - increases with debit journal entry
What are liabilities?
Creditors claims on assets. The company's obligation to provide assets, products, or services to others.
Common stock
Equity - increases with credit journal entry
Retained earnings
Equity - increases with credit journal entry
Depreciation expense
Expense - increases with debit journal entry
Interest expense
Expense - increases with debit journal entry
Postage expense
Expense - increases with debit journal entry
Rent expense
Expense - increases with debit journal entry
Supplies expense
Expense - increases with debit journal entry
Wages expense
Expense - increases with debit journal entry
What are assets ?
Items a company owns or controls. Expect to yield a future benefit to the company.
Accounts payable
Liability - increases with credit journal entry
Interest payable
Liability - increases with credit journal entry
Rent payable
Liability - increases with credit journal entry
Unearned revenue
Liability - increases with credit journal entry
Wages payable
Liability - increases with credit journal entry
Equity
Normal credit balance
Liabilities
Normal credit balance
Assets
Normal debit balance
What is equity?
Owners claim on assets. Equity = Assets - Liabilities
Interest earned
Revenue - increases with credit journal entry
Professional fees earned
Revenue - increases with credit journal entry
Sales
Revenue - increases with credit journal entry
