Problem: I want assistance in order to determine whether the following accounts would normally carry a debit or a credit balance to increase the account:
- Computer equipment.
- Bonds payable.
- Common stock.
- Retained earnings.
- Cash.
- Goodwill.
- Wages expense.
- Note payable.
- Inventory.
- Tax liability.
- Patents.
- Prepaid insurance.
- Paid-in capital.
- Product sales.
- Accounts payable.
- Accounts receivable.
- Accumulated depreciation.
- Land.
- Interest income.
- Cost of goods sold.