EX 2-6 Normal balances of accounts

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:

a. Accounts Payable
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


Answer:
a. Liability—credit
b. Asset—debit
c. Owner’s equity
(Ashley Griffin, Capital)—credit
d. Owner’s equityi. Asset—debit
(Ashley Griffin, Drawing)—debit
e. Asset—debit
f. Revenue—credit
g. Asset—debit
h. Expense—debit
j. Expense—debit