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What are the account What are the account classificationsclassifications AssetAsset LiabilityLiability Owner’s EquityOwner’s Equity Revenue Revenue ExpenseExpense
What is the normal What is the normal balancebalance Owner’s EquityOwner’s Equity
– CreditCredit ExpenseExpense
– DebitDebit LiabilityLiability
– CreditCredit AssetAsset
– DebitDebit RevenueRevenue
– CreditCredit
What is the normal What is the normal balancebalance
CapitalCapital– CreditCredit
Utilities ExpenseUtilities Expense– DebitDebit
CashCash– DebitDebit
Accounts Receivable – XYZ. Co.Accounts Receivable – XYZ. Co.– DebitDebit
SuppliesSupplies– DebitDebit
SalesSales– CreditCredit
Accounts Payable – ABC. Co.Accounts Payable – ABC. Co.– CreditCredit
Prepaid InsurancePrepaid Insurance– DebitDebit
DrawingDrawing– DebitDebit
What is the normal balanceWhat is the normal balance Supplies ExpenseSupplies Expense
– DebitDebit Office EquipmentOffice Equipment
– DebitDebit Sales Tax PayableSales Tax Payable
– CreditCredit Advertising Advertising
ExpenseExpense– DebitDebit
Service FeesService Fees– CreditCredit
TruckTruck– DebitDebit
Petty CashPetty Cash– DebitDebit
Prepaid InsurancePrepaid Insurance– DebitDebit
Income SummaryIncome Summary
What is the increase What is the increase sideside
CapitalCapital– CreditCredit
Utilities ExpenseUtilities Expense– DebitDebit
CashCash– DebitDebit
Accounts Receivable – XYZ. Co.Accounts Receivable – XYZ. Co.– DebitDebit
SuppliesSupplies– DebitDebit
SalesSales– CreditCredit
Accounts Payable – ABC. Co.Accounts Payable – ABC. Co.– CreditCredit
Prepaid InsurancePrepaid Insurance– DebitDebit
DrawingDrawing– DebitDebit
What is the increase sideWhat is the increase side Supplies ExpenseSupplies Expense
– DebitDebit Office EquipmentOffice Equipment
– DebitDebit Sales Tax PayableSales Tax Payable
– CreditCredit Advertising ExpenseAdvertising Expense
– DebitDebit Service FeesService Fees
– CreditCredit TruckTruck
– DebitDebit Petty CashPetty Cash
– DebitDebit Prepaid InsurancePrepaid Insurance
– DebitDebit Income SummaryIncome Summary
Permanent or Permanent or Temporary Temporary
CapitalCapital– PERMPERM
Utilities ExpenseUtilities Expense– TEMPTEMP
CashCash– PERMPERM
Accounts Receivable – XYZ. Co.Accounts Receivable – XYZ. Co.– PERMPERM
SuppliesSupplies– PERMPERM
SalesSales– TEMPTEMP
Accounts Payable – ABC. Co.Accounts Payable – ABC. Co.– PERMPERM
Prepaid InsurancePrepaid Insurance– PERMPERM
DrawingDrawing– TEMPTEMP
Permanent or TemporaryPermanent or Temporary Supplies ExpenseSupplies Expense
– TEMPTEMP Office EquipmentOffice Equipment
– PERMPERM Sales Tax PayableSales Tax Payable
– PERMPERM Advertising ExpenseAdvertising Expense
– TEMPTEMP Service FeesService Fees
– TEMPTEMP TruckTruck
– PERMPERM Petty CashPetty Cash
– PERMPERM Prepaid InsurancePrepaid Insurance
– PERMPERM Income SummaryIncome Summary
– TEMPTEMP
Income Statement / Balance Income Statement / Balance sheet sheet
CapitalCapital– BSBS
Utilities ExpenseUtilities Expense– ISIS
CashCash– BSBS
Accounts Receivable – XYZ. Co.Accounts Receivable – XYZ. Co.– BSBS
SuppliesSupplies– BSBS
SalesSales– ISIS
Accounts Payable – ABC. Co.Accounts Payable – ABC. Co.– BSBS
Prepaid InsurancePrepaid Insurance– BSBS
DrawingDrawing– BSBS
Income Statement / Balance Income Statement / Balance sheetsheet Supplies ExpenseSupplies Expense
– ISIS Office EquipmentOffice Equipment
– BSBS Sales Tax PayableSales Tax Payable
– BSBS Advertising ExpenseAdvertising Expense
– ISIS Service FeesService Fees
– ISIS TruckTruck
– BSBS Petty CashPetty Cash
– BSBS Prepaid InsurancePrepaid Insurance
– BSBS Income SummaryIncome Summary
– NEITHERNEITHER