For each of the following accounts indicate:
(a) the type of account (asset, liability, equity, revenue, expense)
(b) the debit and credit effects
(c) the normal account balance.

-Loan payable

Question

For each of the following accounts indicate: 
(a) the type of account (asset, liability, equity, revenue, expense)
(b) the debit and credit effects
(c) the normal account balance.
 
-Loan payable

Quizplus · Accepted Answer

The Answer of For each of the following accounts indicate: 
(a) the type of account (asset, liability, equity, revenue, expense)
(b) the debit and credit effects
(c) the normal account balance.
 
-Loan payable

For Each of the Following Accounts Indicate