For Each of the Accounts Listed Below, Enter a Check

question 47

Essay

For each of the accounts listed below, enter a check mark in the space provided to the right to indicate whether the typical or normal balance is a debit or credit. $$\begin{array} { | l | l | l | l| } \hline{ \text { Transaction } } & \text { Typical Balance } \\\hline && \text { Debit } & \text { Credit } \\\hline \text { A } & \text { Supplies } & \\\hline \text { B } & \text { Notes payable } & \\\hline \text { C } & \text { Retained earnings } & \\\hline D & \text { Equipment } & \\\hline \text { E } & \text { Prepaid insurance } & \\\hline \text { F } & \text { Trade receivables } & \\\hline \text { G } & \text { Building } & \\\hline \text { H } & \text { Share capital } & \\\hline & \text { Trade payables } & \\\hline\end{array}$$

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Definitions:

Unforeseen Expenses

Costs that were not planned or predicted, often arising suddenly and requiring immediate financial attention.

Ex-spouse

A term referring to a former husband or wife from whom one is divorced.

Alimony

Monetary payments by one ex-spouse to the other after a divorce (sometimes called spousal maintenance).

Psychic

A person who claims to use extrasensory perception (ESP) to identify information hidden from the normal senses, or someone deeply sensitive to spiritual forces.