| A | B |
|---|
| Asset Account | Supplies |
| Liability Account | Accounts Payable |
| Owner's Equity | John Wessel, Capital |
| Asset Accounts have a normal balance of | Debit |
| Liability Accounts have a normal balance of | Credit |
| Owner's Equity Accounts have a normal balance of | Credit |
| Debit accounts have balances on which side | Left |
| Credit accounts have balances on which side | Right |
| The general journal is used for? | Daily transactions |
| The general ledger is used for? | Monthly transactions |
