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 Glencoe Accounting: First Year Course1st EditionGlencoe McGraw-Hill 548 solutions
Fundamental Financial Accounting Concepts10th EditionChristopher Edmonds, Frances McNair, Mark Edmonds, Philip R. Olds, Thomas P. Edmonds Managerial Accounting15th EditionEric W. Noreen, Peter C. Brewer, Ray H Garrison 716 solutions Financial Accounting5th EditionDavid Spiceland, Don Herrmann, Wayne Thomas 1,323 solutions 1-Which of the following correctly identifies normal balances of accounts? a. Assets Debit Liabilities Credit Owner's Equity Credit Revenues Debit Expenses Credit b. Assets Debit Liabilities Credit Owner's Equity Credit Revenues Credit Expenses Credit c. Assets Credit Liabilities Debit Owner's Equity Debit Revenues Credit Expenses Debit d. Assets Debit Liabilities Credit Owner's Equity Credit Revenues Credit Expenses Debit 2-A debit is not the normal balance for which account listed below? a. Drawings b. Service Revenue c. Accounts Receivable d. Cash 3-An accountant has debited an asset account for $1,300 and credited a liability account for $500. Which of the following would be an incorrect way to complete the recording of the transaction? a. Credit an asset account for $800. b. Credit another liability account for $800. c. Debit an owner's equity account for $800. d. Credit an owner's equity account for $800. 4-An account will have a credit balance if the a. credits exceed the debits. b. first transaction entered was a credit. c. debits exceed the credits. d.last transaction entered was a credit 5-The drawings account a. appears on the income statement along with the expenses of the business. b. must show transactions every accounting period. c. is increased with debits and decreased with credits. d. is not a proper subdivision of owner's equity What determines the normal balance of an account?normal balance in Accounting
The normal balance of an account is the side of the account that is positive or increasing. The normal balance for asset and expense accounts is the debit side, while for income, equity, and liability accounts it is the credit side.
Which of the following is true regarding normal balances of accounts?Which of the following is true regarding normal balances of accounts? The normal balance is the side of the account that increases the account. Which of the following is true regarding normal balances of accounts? The normal balance is the side of the account that increases the account.
What is a normal balance quizlet?Normal Balance of Assets. Normal balance of an asset account is debit. To increase, we debit to decrease we credit. Ex: Cash, Accounts Receivable, Building, Supplies, Equipment.
Which of the following types of accounts have a normal balance?The normal balance of both revenue and liabilities accounts is a credit balance.
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Which of the following correctly identifies normal balances of accounts
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