Indicate whether each of the following accounts is an asset, a
liability, or an owners equity account and whether it has a normal
debit or credit balance: (a) Accounts Receivable, (b) Accounts Payable,
(c) Equipment, (d) Owners Drawings, and (e) Supplies.
8. For the following transactions, indicate the account debited and
the account credited.
a. Supplies are purchased on account.
b. Cash is received on signing a note payable.
c. Employees are paid salaries in cash.