Equity Accounts - T-Account, Double entry accounting - Double entry accounting and T account active recall
3 important questions on Equity Accounts - T-Account, Double entry accounting - Double entry accounting and T account active recall
What type of account is "Unearned Revenue" and how does it increase?
- Account: Unearned revenue
- Type: Liability account
- Normal balance: Credit
- T account increases with: Credit
What type of account is "Notes Payable " and what is its normal balance and entry type that increases the account balance?
Account: Notes Payable
Type: Liability account
Normal balance: Credit.
T account increases with: Credit
What type of account is "Accounts Receivable" and what is its normal balance and entry type that increases the account balance?
- Account: Accounts Receivable
- Type: Asset account
- Normal balance: Debit
- T account increases with: Debit
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