Marcus Wilson owns and manages a consulting firm called FM Advising, which began operations on December 1. He asks us to assist him with some financial reporting questions. On December 31, we are provided with a Tableau Dashboard that includes selected accounts and amounts for the month of December.
1. Indicate the amount along with the normal balance (debit or credit) for each of the following accounts from the Tableau Dashboard.
a. Supplies
b. Salaries expense
c. Accounts payable
d. Rental revenue
2. Indicate the amount of each of the following accounts from the Tableau Dashboard, and then state whether a debit or credit decreases the normal balance.
a. Notes payable
b. Rent expense
c. Consulting revenue
d. Cash