Question

Indicate for the following accounts whether a debit or credit would be used to increase the account. Example:

1. Insurance Expense - Debit Requirement:

1. Rent Expense
2. Prepaid Rent
3. Interest Revenue
4. Accounts Receivable
5. Accounts Payable
6. Common Stock
7. Land
8. Unearned Revenue
9. Service Revenue
10. Retained Earnings

Answer 1

Step-by-step explanation:

In this question, we use the golden rules of accounting

Debit all expenses and losses and credit all gains and revenues

All assets are debited whereas all liabilities are credited

1. Rent Expense - expense - debit

2. Prepaid Rent - current asset - debit

3. Interest Revenue - revenue - credit

4. Accounts Receivable - current asset - debit

5. Accounts Payable - current liabilities - credit

6. Common Stock - stockholder equity - credit

7. Land - fixed asset - debit

8. Unearned Revenue - liability - credit

9. Service Revenue - revenue - credit

10. Retained Earnings - stockholder equity - credit