ACG 2021 ACG2021 Exercise 3-6 & #34 – Everest College

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ACG 2021 ACG2021 Exercise 3-6 & #34 – Everest College

Exercise 3-6, “Normal Account Balances,” on page 133
Each account has a normal balance. For the following list of accounts, indicatewhether the normal balance of each is a debit or a credit.
             Account                                   Normal Balance
1. Cash                                                   Debit
2. Prepaid Insurance                          Debit
3. Retained Earnings                          Credit
4. Bonds Payable                                 Debit
5. Investments                                      Debit
6. Capital Stock                                    Credit
7. Advertising Fees Earned               Credit
8

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ACG 2021 ACG2021 Exercise 3-6 & #34 – Everest College

Exercise 3-6, “Normal Account Balances,” on page 133
Each account has a normal balance. For the following list of accounts, indicatewhether the normal balance of each is a debit or a credit.
             Account                                   Normal Balance
1. Cash                                                   Debit
2. Prepaid Insurance                          Debit
3. Retained Earnings                          Credit
4. Bonds Payable                                 Debit
5. Investments                                      Debit
6. Capital Stock                                    Credit
7. Advertising Fees Earned               Credit
8. Wages and Salaries Expense        Debit
9. Wages and Salaries Payable          Credit
10. Office Supplies                              Debit
11. Dividends                                        Debit
Exercise 3-14, “Journal Entries,” on page 135Prepare the journal entry to record each of the following independent transactions.(Use the number of the transaction in lieu of a date for identification purposes.)

ACG 2021 ACG2021 Exercise 3-6 & #34 – Everest College

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