Balance Sheet Accounts and Their Normal Balances:

Aset

Liability

Stockholders' Equity:

Capital Stock

Retained Earnings

Dividends

Asset - Debit

Liability - Credit

Sotckholders' Equity:

Capital Stock - Credit

Retianed Earnings - Credit

Dividends - Deibt

Income Statement Accounts and Their Normal Balances:

Revenue

Expense

Revenue - Credit

Expenses - Debit

Normal Entries for Accounts

Accounts Payable

Debit and Credit

Normal Entries for Accounts

Accounts Receivable

Normal Entries for Accounts

Cash

Normal Entries for Accounts

Fees Earned

Normal Entries for Accounts

Insurance Expense

Normal Entries for Accounts

Dividends

Normal Entries for Accounts

Utilities Expense 

Normal Balance for Accounts

Accounts Payable

Normal Balance for Accounts

Accounts Receivable

Normal Balance for Accounts

Capital Stock

Normal Balance for Accounts

Cash

Normal Balance for Accounts

Dividends

Normal Balance for Accounts

Fees Earned

Normal Balance for Accounts

Office Equipment

Normal Balance for Accounts

Rent Expense

Normal Balance for Accounts

Supplies

Normal Balance for Accounts

Wages Expense

During March, $78,450 was paid to creditors on account, and purchases on account were $100,420. Assuming the March 31 balance of Accounts Payable was $33,730, determine the account balance on March 1.

11,760

100,420 - 78,450 = 21,970

33,730 - 21,790 = 11,760

On July 1, the accounts receivable account balance was $42,800. During July, $372,400 was collected from customers on account. Assuming the July 31 balance was $49,200, determine the fees billed to customers on account during July.

378,800

372,400 - 42,800 = 329,600

329,600 + 49,200 = 378,800

On September 1, the cash account balance was $22,600. During September, cash receipts totaled $343,520 and the September 30 balance was $16,270. Determine the cash payments made during September.

349,850

343,520 + 22,600 = 366,120

366,120 - 16,270 = 349,850

Compute the negative balance of Retained Earnings

(-$15,800)

Debit (negative) Retained Earning Balance.

If there is a loss in retained earnings, it is debited. If not, it is credited. 

Supplies Expense      $xxxx

       Supplies                  $xxx

Retained Earnings

(Equation)