Classification of Accounts

Tell whether each of the following accounts is an asset, a liability, a revenue, an expense, or none of these:

a. Accounts Payable

b. Supplies

c. Dividends

d. Fees Earned

e. Supplies Expense

f. Accounts Receivable

g. Unearned Revenue

h. Equipment

Normal Balances

Tell whether the normal balance of each account in SE 3 is a debit or a credit.

Transaction Analysis

For each transaction that follows, indicate which account is debited and which account is credited.

May 2 Leon Stoker started a computer programming business, Stoker’s

Programming Service, Inc., by investing $10,000 in exchange for common stock.

5 Purchased a computer for $5,000 in cash.

7 Purchased supplies on credit for $600.

19 Received cash for programming services performed, $1,000.

22 Received cash for programming services to be performed, $1,200.

25 Paid the rent for May, $1,300.

31 Billed a customer for programming services performed, $500.