Question

For each of the following accounts indicate the effects of a debit and a credit on the accounts and the normal balance of the account.

1. accounts payable
2. advertising expense
3. service revenue
4. accounts receivable
5. retained earnings

Answer 1

Answer:

Explanation:

The following accounts have debit and credit balances

The assets and expenses side  have debit balances. whereas, the revenue, stockholder equity, and the liability side have credit balances.

So, the effects would be displayed

Particulars                               Debit effect  Credit effect    Normal balance

1. Accounts payable                Decrease        Increase           Credit

2. Advertising expense           Increase          Decrease         Debit

3. Service revenue                  Decrease         Increase          Credit

4. Accounts receivable           Increase          Decrease          Debit

5. Retained earning               Decrease         Increase           Credit