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. Also, indicate its normal balance.
1. Accounts Payable
2. Cash
3. Malissa Wahl, Drawing
4. Miscellaneous Expense
5. Insurance Expense
6. Fees Earned
Answers
1. Debit and credit entries, normal credit balance
2. Debit and credit entries, normal debit balance
3. Debit entries only, normal debit balance
4. Debit entries only, normal debit balance
5. Debit only, normal debit balance
6. Credit entries only, normal credit balance
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