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. Del Robinson, Drawing
4. Miscellaneous Expense
5. Insurance Expense
6. Fees Earned
Answer:
1. Debit and credit entries (c), normal credit balance
2. Debit and credit entries (c), normal debit balance
3. Debit entries only (a), normal debit balance
4. Debit entries only (a), normal debit balance
5. Debit entries only (a), normal debit balance
6. Credit entries only (b), normal credit balance