Assets, Liabilities, or Equity??

Assets

Normal debit balance

Liabilities

Normal credit balance

Equity

Normal credit balance

Accounts receivable

Asset - increases with debit journal entry

Cash

Asset - increases with debit journal entry

Prepaids

Asset - increases with debit journal entry

Notes receivable

Asset - increases with debit journal entry

Equipment

Asset - increases with debit journal entry

Accounts payable

Liability - increases with credit journal entry

Wages payable

Liability - increases with credit journal entry

Unearned revenue

Liability - increases with credit journal entry

Rent payable

Liability - increases with credit journal entry

Interest payable

Liability - increases with credit journal entry

Interest receivable

Asset - increases with debit journal entry

Office supplies

Asset - increases with debit journal entry

Accumulated depreciation

Contra Asset - increases with credit journal entry

Interest earned

Revenue - increases with credit journal entry

Sales

Revenue - increases with credit journal entry

Professional fees earned

Revenue - increases with credit journal entry

Wages expense

Expense - increases with debit journal entry

Interest expense

Expense - increases with debit journal entry

Depreciation expense

Expense - increases with debit journal entry

Repair expense

Expense - increases with debit journal entry

Rent expense

Expense - increases with debit journal entry

Postage expense

Expense - increases with debit journal entry

Supplies expense

Expense - increases with debit journal entry

Common stock

Equity - increases with credit journal entry

Retained earnings

Equity - increases with credit journal entry

Dividends

Contra Equity - increases with debit journal entry

What are assets ?

Items a company owns or controls. Expect to yield a future benefit to the company.

What are liabilities?

Creditors claims on assets. The company's obligation to provide assets, products, or services to others.

What is equity?

Owners claim on assets. Equity = Assets - Liabilities