Listed Below Are Selected Accounts from the Financial Statements of Bargain

question 146

Essay

Listed below are selected accounts from the financial statements of Bargain Mart for the year ended December 31,2017.In the blank space provided for each account,indicate what type of account it is,its normal balance,and the debit/credit rules for increasing and decreasing it.Use the following abbreviations for your answers:
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$\begin{array}{lll}& \text { Normal Account } & \text { Rules to Increase or } \\\text { Type of Account } & \text { Balance } & \text { Decrease the Account }\\ \mathrm{A}=\text { Asset } & \mathrm{Dr}=\text { Debit } & \mathrm{Dr}=\text { Debit } \\\mathrm{L}=\text { Liability } & \mathrm{Cr}=\text { Credit } & \mathrm{Cr}=\text { Credit } \\\mathrm{SE}=\text { Stockholders' Equity } & & \\\mathrm{R}=\text { Revenue } & & \\\mathrm{E}=\text { Expense } & &\end{array}$
$\begin{array}{llcccc} &&\text { Type of } &\text { Normal }&\text { Rule to }& \text { Rule to }\\&&\text { Account }&\text { Balance }&\text { Increase }&\text { Decrease } \\\text { Example}&\text{Cash}&\text { A } & \text { Dr } & \text { Dr } &\mathrm{Cr}\\\text { (a) } & \text { Income Taxes } &\underline{\quad\quad\quad}&\underline{\quad\quad\quad}&\underline{\quad\quad\quad}&\underline{\quad\quad\quad}\\\text { (b) } & \text { Accounts Payable }&\underline{\quad\quad\quad}&\underline{\quad\quad\quad}&\underline{\quad\quad\quad}&\underline{\quad\quad\quad} \\\text { (c) } & \text { Retained Earnings } &\underline{\quad\quad\quad}&\underline{\quad\quad\quad}&\underline{\quad\quad\quad}&\underline{\quad\quad\quad}\\\text { (d) } & \text { Prepaid Expenses } &\underline{\quad\quad\quad}&\underline{\quad\quad\quad}&\underline{\quad\quad\quad}&\underline{\quad\quad\quad}\\\text { (e) } & \text { Long-Term Debt }&\underline{\quad\quad\quad}&\underline{\quad\quad\quad}&\underline{\quad\quad\quad}&\underline{\quad\quad\quad} \\\text { (f) } & \text { Revenues }&\underline{\quad\quad\quad}&\underline{\quad\quad\quad}&\underline{\quad\quad\quad}&\underline{\quad\quad\quad} \\\text { (g) } & \text { Intangibles } &\underline{\quad\quad\quad}&\underline{\quad\quad\quad}&\underline{\quad\quad\quad}&\underline{\quad\quad\quad}\\\text { (h) } & \text { Common Stock }&\underline{\quad\quad\quad}&\underline{\quad\quad\quad}&\underline{\quad\quad\quad}&\underline{\quad\quad\quad}\end{array}$

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