I need two answers for the following accounts. I need to know if they are assets, liabilities, equity, expense, or revenue. Then I need to know if they are Real or Nominal accounts. Thank you 1) Service Fees Revenue 2) Interest Receivable 3) Smith, drawings 4) Interest Income 5) Sales 6) Supplies Expense
I need two answers for the following accounts. I need to know if they are assets, liabilities, equity, expense, or revenue. Then I need to know if they are Real or Nominal accounts. Thank you
1) Service Fees Revenue
2) Interest Receivable
3) Smith, drawings
4) Interest Income
5) Sales
6) Supplies Expense
Account:
A record, that documents or records the changes in assets, liabilities, or equity for a particular period, is referred to as an account.
Normal balance:
Normal balance of an account refers to the heavier side of the account vis-à-vis the other side, either debit or credit. Normal balance is also known as usual balance of an account and depends on the kinds of different account, like the assets account have normal debit balance, liabilities and stockholders’ equity account have normal credit balance.
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