Below is a list of typical accounts.AccountsType of AccountNormal Balance (Debit or Credit)1. Service Revenue??2. Common Stock??3. Dividends??4. Salaries Expense??5. Accounts Payable??6. Buildings??7. Deferred Revenue??8. Accounts Receivable??9. Retained Earnings??10. Notes Payable??11. Utilities Expense??12. Advertising Expense??Required:For each account, (1) indicate the type of account and (2) whether the normal account balance is a debit or credit. For type of account, choose from asset, liability, stockholders' equity, dividend, revenue, or expense.
What will be an ideal response?
Account Title | Type of Account | Normal Balance (Debit or Credit) |
| 1. Service Revenue | Revenue | Credit |
| 2. Common Stock | Stockholders' equity | Credit |
| 3. Dividends | Dividends | Debit |
| 4. Salaries Expense | Expense | Debit |
| 5. Accounts Payable | Liability | Credit |
| 6. Building | Asset | Debit |
| 7. Deferred Revenue | Liability | Credit |
| 8. Accounts Receivable | Asset | Debit |
| 9. Retained Earnings | Stockholders' equity | Credit |
| 10. Notes Payable | Liability | Credit |
| 11. Utilities Expense | Expense | Debit |
| 12. Advertising Expense | Expense | Debit |
Business
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