For each of the following accounts, indicate the effects of a debit and a credit on the accounts and the normal balance of the account.Debit EffectCredit EffectNormal Balance1. Accounts Payable2. Advertising Expense3. Service Revenue4. Accounts Receivable5. Owner's Capital6. Owner's Drawings>>>><>>><>>>>>>>>>>

Normally Assets and expenses will be having debit balances. Liabilities and incomes will be having…

Answered: For each of the following accounts,…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter3: The Double-entry Framework

Section: Chapter Questions

Problem 4SEB: NORMAL BALANCE OF ACCOUNT Indicate the normal balance (debit or credit) for each of the following...

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Similar questions

Classify each of the accounts listed below as assets (A), liabilities (L), owners equity (OE), revenue (R), or expenses (E). Indicate the normal debit or credit balance of each account. Indicate whether each account will appear in the Income Statement columns (IS) or the Balance Sheet columns (BS) of the work sheet. Item 0 is given as an example.
Classify each of the accounts listed below as assets (A), liabilities (L), owners equity (OE), revenue (R), or expenses (E). Indicate the normal debit or credit balance of each account. Indicate whether each account will appear in the Income Statement columns (IS) or the Balance Sheet columns (BS) of the work sheet. Item 0 is given as an example.
NORMAL BALANCE OF ACCOUNT Indicate the normal balance (debit or credit) for each of the following accounts: 1. Cash 2. Rent Expense 3. Notes Payable 4. Owners Drawing 5. Accounts Receivable 6. Owners Capital 7. Tools
Normal Account Balances Each account has a normal balance. For the following list of accounts, indicate whether the normal balance of each is a debit or a credit.
On the work sheet, assets are recorded in which of the following columns? a. Trial Balance, Credit b. Income Statement, Debit c. Balance Sheet, Debit d. Adjusted Trial Balance, Credit
Identify the financial statement on which each of the following account categories would appear: the balance sheet (BS), the income statement (IS), or the retained earnings statement (RE). Indicate the normal balance (Dr for debit; Cr for credit) for each account category. Table 3.16
Which of these accounts commonly requires both debit and credit entries? A. Sales Revenue B. Utilities Expense C. Accounts Receivable D. Common Stock
The schedule of accounts payable lists each creditors account balance, and the total equals the _________________. a. Controlling account in the journal b. Accounts Payable account in the general ledger c. Accounts Receivable account in the general ledger d. Purchases account in the general ledger e. Sales account in the general ledger
Identify the normal balance (debit [Dr] or credit [Cr]) for each of the following accounts: __________ Owner. Withdrawals. ________ Utilities Expense.
Which of the following best describes the classification and normal balance of the accounts receivable account? Select one: a. Asset, Debit b. Liability, credit c. Revenue, credit d. Owner's equity, debit
Identify the normal balance (debit [Dr] or credit [Cr]) for each of the following accounts: __________ Note Receivable. _______ Accounts Payable.
Classify each of the following accounts as either an asset (A), liability (L), or equity (EQ) account: _________ Note Receivable. __________ Accounts Payable.

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