31) Review the transactions below and determine whether you would use a debit or a credit to record the following changes. Indicate your decision by entering “Debit” or “Credit” in the right-hand column.
1. An increase in Wage Expense.
2. A decrease in Notes Payable.
3. An increase in Prepaid Insurance.
4. An increase in Common Shares.
5. A decrease in Office Supplies.
6. An increase in Dividends.
7. An increase in Revenue.
8. A decrease in Notes Receivable.
9. An increase in Advertising Expense.
10. A decrease in Cash.
32) For the following general ledger accounts, identify the normal balance of the account.
Example: Accounts Payable Credit
Accounts Receivable
Building
Cash
Common Shares
Dividends
Equipment
Inventory
Land
Notes Payable
Office Equipment
Office Supplies
Rental Expense
Service Revenue
Travel Expense
Utilities Expense
Wages Expense
33) For the accounts listed below, identify the type of account. Is it an (A) Asset, (L) Liability, (S) Shareholders equity, (R) Revenue, or (E) Expense.
Accounts Payable
Accounts Receivable
Building
Cash
Common Shares
Dividends
Equipment
Inventory
Land
Notes Payable
Office Equipment
Office Supplies
Rental Expense
Service Revenue
Travel Expense
Utilities Expense
Wages Expense