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:

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