For Each of the Following Accounts Indicate the Effect of a Debit

question 149

Essay

For each of the following accounts indicate the effect of a debit or a credit on the account and the normal balance. Increase (+), Decrease (-).
Debit_ _Credit_ Normal Balance
1. Salaries and Wages Expense.
2. Accounts Receivable.
3. Service Revenue.
4. Share Capital-Ordinary.
5. Dividends.

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Definitions:

Sole Proprietorship

A form of business organization where a single individual owns and operates the business, bearing full responsibility for its debts and liabilities.

Capital Intensive

Describing a business that requires significant investment in capital assets like machinery and equipment to produce goods or services.

Customer Relationship

The management of interactions and engagements between a business and its customers, focusing on long-term relationship building.

Tangible Property

Physical assets that can be touched and seen, such as real estate, equipment, and inventory.