Week 6 Accounting

Buildings

• Asset

• Liability

• Owner's Capital (Equity)

• Owner's Withdrawals (Equity)

Wages Payable

• Assets

• Liability

• Revenues (Equity)

• Expenses (Equity)

Notes Receivable

• Asset

• Liability

• Expenses (Equity)

• Revenues (Equity)

Advertising Payable

• Asset

• Liability

• Expenses (Equity)

• Revenues (Equity)

Supplies

• Asset

• Liability

• Revenues (Equity)

• Expenses (Equity)

Prepaid Rent

• Asset

• Liability

• Revenues (Equity)

• Expenses (Equity)

Supplies Expense

• Asset

• Liability

• Revenues (Equity)

• Expenses (Equity)

Event Revenue

• Asset

• Liability

• Revenues (Equity)

• Expenses (Equity)

What is the normal balance for equipment:

• Debit

• Credit

What is the normal balance for Notes Payable

• Debit

• Credit