Q1. Identify the financial statement[s] where each of the following items appears. Use I for income statement, E for statement of retained earnings, and B for balance sheet.
A .Accounts payable e. prepaid insurance
B. Cash f. Revenue
C. Rent expense g. Office equipment
D.Office supplies h. Unearned rent revenue.
Q2. Indicate whether a debit or credit decreases the normal balance of each of the following accounts.
A. Land e. Salaries expenses i. Interest revenue
B. Service revenue f. Common stock j. Dividends
C. Interest payable g. Prepaid insurance k. Unearned Revenue
D. Accounts receivable h. Building l. Accounts payable