During the month, Iris Labs Co. has a substantial number of transactions affecting each of the following accounts. State for each account whether it is likely to have (a) debit entries only, (b) credit entries only, or (c) both debit and credit entries.
1. Accounts Payable
2. Accounts Receivable
3. Cash
4. Fees Earned
5. Insurance Expense
6. Nicki Swanson, Drawing
7. Utilities Expense
Answer
1. (c) debit and credit
2. (c) debit and credit
3. (c) debit and credit
4. (b) credit only
5. (a) debit only
6. (a) debit only
7. (a) debit only
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