Rules of Debit and Credit as Applied to Balance Sheet

question 36

Essay

Rules of debit and credit as applied to balance sheet accounts
Items in the balance sheet are classified into three categories: assets,liabilities,and owners' equity.
(A. )Identify by name two ledger accounts in each of the first two categories above (assets and liabilities)and one owners' equity account.State whether each account would normally have a debit or credit balance.
(B. )Describe briefly the rules of debits and credits as applied to the three categories of balance sheet accounts: asset accounts,liability accounts,and owners' equity accounts.

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