For Each of the Following Accounts Indicate

question 126

Essay

For each of the following accounts indicate:
a. the type of account (Asset, Liability, Owner's capital, Owner's drawings, Revenue, Expense),
b. the debit and credit effects, and
c. the normal account balance.

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Definitions:

Cash Dividends

Payments made by a company to its shareholders from its profits or reserves, typically in the form of cash.

Dividends Payable

liabilities representing the amount of dividends declared by a company's board but not yet paid to shareholders.

Accounts Payable

Money owed by a company to its creditors for goods and services that have been received but not yet paid for.

Accrual Basis

An accounting method where revenues and expenses are recorded when they are earned or incurred, regardless of when cash transactions happen.