Which Of The Following Accounts Has A Normal Credit Balance

An account is said to have a debit balance if athe amount of the debits exceeds the amount of the credits b. Which of the following types of accounts have a normal credit balance.

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Which of the following accounts has a normal credit balance.

Which of the following accounts has a normal credit balance. For example a contra asset account such as the allowance for doubtful accounts contains a credit balance that is intended as a reserve against accounts. Debit to Merchandise Inventory c. Which of the following accounts has a normal debit balance.

Liability accounts such as Accounts Payable Notes Payable Wages Payable Interest Payable Income Taxes Payable Customer Deposits Deferred Income Taxes etc. The classification and normal balance of the supplies expense account is an A. A contra account contains a normal balance that is the reverse of the normal balance for that class of account.

We review their content and use your feedback to keep the quality high. Here is the trial balance for McLeary Corporation. It would be normal for such an account to have a net credit balance and the balancing off accounts process would result in the following.

Which of the following accounts has a normal credit balance. The following accounts in alphabetical order were selected from recent financial statements of Krispy Kreme Doughnuts Inc. A credit balance is normal and expected for the following accounts.

Credit to Merchandise. Expense with a debit balance expense with a debit balance. Capital and drawing.

The financial statement that reports the revenues and expenses for a period of time is known as the aincome statement. All of the following accounts have normal debit balances EXCEPT aCash. Question 32 05 05 pts The classification and normal balance of the supplies expense account is an asset with a credit balance Correct.

Income Tax Payable Service Revenue Dividends. Salaries Payable Unearned Revenue Delivery Expense. Account types in details.

A balance sheet income stmt stmt. All of the following accounts have normal credit balances except. Sales Returns and Allowances c.

Expense with a debit balance D. Revenues and liabilities d. Credit Office Supplies Expense 255.

Suppose for example the account was a sales account recording cash and credit sales to customers. Which of the following accounts is not a stockholders equity account. The thing is that a particular type of account should always have a particular balance type.

2What are the required financial statements. Using a perpetual inventory system the entry to record the purchase of 30000 of merchandise on account would include a a. In the asset accounts the account balances are normally on the left side or debit side of the account.

Liability with a credit balance 102. In which of the following types of accounts are increases recorded by debits. All of the following accounts have normal credit balances EXCEPT aCash.

Debit to Sales b. Only in this case the account balance can be called normal. Hence a credit balance in Accounts Payable indicates the amount owed to.

There are more entries on the debit side than on the. This problem has been solved. Assets and liabilities b.

Ddebit Office Supplies 255. Which of the following accounts would normally have a credit balance. Accounts Payable Service Revenue Common Stock.

1Which of the following accounts has a normal credit balance. Sales Expenses has a normal debit balance Incomes has a normal credit. Recall that credit means right side.

All of the following accounts have normal credit balances except. The balance itself can be debit or credit whereas an account can be active or passive. Of cash flows stmt.

13 05 out of 05 points. Cash Repairs and Maintenance Expense Dividends. Asset with a debit balance B.

See the answer See the answer See the answer done loading. View the full answer. Liabilities and expenses c.

Liability accounts will normally have credit balances and the credit balances are increased with a credit entry. The contra accounts noted in the preceding table are usually set up as reserve accounts against declines in the usual balance in the accounts with which they are paired. Asset with a debit balance liability with a credit balance.

B assets liabilities owners equity revenue expense. 12 05 out of 05 points. A Fees Earned Revenues b Office Supplies.

Identify the normal balance debit or credit for each of the following accounts. Which of the following types of accounts have a normal credit balance. For each account indicate whether the normal balance is a debit or a credit and the financial statementbalance sheet or income statementwhere the account should be presented.

Therefore the debit balances in the asset accounts will be increased with a debit entry. Asset with a credit balance C. Its used to describe a balance that an account should have.

Which of the following accounts has a normal credit balance.

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