Linking Debit or Credit with Normal Balance

QS 2-3 Linking calculate or impute with dominion balance C5 exhibit whether a debit or belief entry falloffs the blueprint balance of all(prenominal) of the following accounts Notes* *Assets = Liabilities + Owners truth a. bunk Supplies e. Salaries Expense i. Interest Revenue b. determine Services Revenue f. Owner Capital j. Owner Withdrawals c. Interest payable g. Prepaid Insurance k. Ungain Revenue d. Accounts Receivable h. Buildings l. Accounts Payable A. Office supplies are an asset and debit settles the formula balance. B.Repair services tax income is an asset and faith decreases the approach pattern balance. C. Interest payable rehearses credit for decrease of normal balance. D. Accounts recievable is an asset and debit will decrease the normal balance. E. Salaries write off roles debit for decrease of normal balance. F. Owner Capital is an asset and credit decreases normal balance. G. Prepaid insurance uses debit for decrease of normal balance. H. Buildin gs are considered an asset and debit decreases normal balance. I. Interest Revenue uses credit for decrease of normal balance.J. Owner Withdrawals may use credit for decrease of normal balance. K. Unearned Revenue uses credit for decrease of normal balance. L. Accounts payable uses debit for decrease of normal balance. QS 2-4 Identify whether a debit or credit yields the indicated change for each of the following accounts *Notes* Assets Debit to profit, credit to decrease Liabilities & Equity Credit to augment, debit to decrease Income Credit to increase, debit to decrease Expenses debit to increase, credit to decrease. a. To increase Store Equipment f.To decrease Unearned Revenue b. To increase Owner Withdrawals g. To decrease Prepaid Insurance c. To decrease hard cash h. To increase Notes Payable d. To increase Utilities Expense i. To decrease Accounts Receivable e. To increase Fees bring in j. To increase Owner Capital a) Store equipment uses debit to increase. (asset) b) Own er withdrawals use debit to increase. (equity) c) hard cash uses credit to decrease. (asset) d) Utilities expense use debit to increase. (expense) e) Fees earned uses credit to increase. (income) f) Unearned revenue uses debit to decrease. asset) g) Prepaid insurance uses credit to decrease. (asset) h) Notes payable uses credit to increase. (liability) i) Accounts receivable uses credit to decrease. (asset) j) Owner capital uses credit to increase. (equity) QS 2-5 *Identify whether the normal balances (in parentheses) assigned to the following accounts are* correct or incorrect. a. Office supplies (Debit) d. Wages Expense (Credit) g. Wages Payable b. Owner Withdrawals (Credit) e. Cash (Debit) (Credit) c. Fees Earned (Debit) f. Prepaid Insurance (Credit) h.Building (Debit) Office supplies uses debit for a normal balance. (correct) Owner withdrawals does not use credit for a normal balance. (incorrect) Fees earned does not use debit for normal balance. (incorrect) Wages expense does not use credit for normal balance. (incorrect) Cash does use debit for normal balance. (correct) Prepaid insurance does not use credit for normal balance. (incorrect) Wages payable does use credit for normal balance. (correct) Building does use debit for normal balance. (correct)