Which of the following groups of accounts have a normal credit balance?
Which of the following groups of accounts have a normal credit balance?
A. Assets, capital, and withdrawals
B. Liabilities, expenses, and assets
C. Assets, expenses, and withdrawals
D. Revenue, liabilities, and capital
Which of the following groups of accounts have a normal debit balance?
A. Liabilities, Expenses, and Assets
B. Revenue, Liabilities, and Expense
C. Assets, Expenses, and Withdrawals
D. Assets, Capital, and Withdrawals
The ledger is:
A. a group of accounts that records results from business transactions.
B. a tool used to ensure that all accounts have normal balances.
C. a tool used to ensure that debits equal credits.
D. a chronological record of the day's transactions.
office Supplies had a normal starting balance of $65. There were debit postings of $80 and credit postings of $60 during the month. The ending balance of the account is:
A. $75 credit.
B. $75 debit.
C. $85 debit.
D. $85 credit.
Homework Answers
Solution to the 1st Question
“Revenue, Liabilities and Capital” accounts will have a normal credit balance
Solution to the 2nd Question
“Assets, Expenses and Withdrawal” accounts will have a normal debit balance
Solution to the 3rd Question
The Ledger is a “Group of accounts that records results from business transactions”
Solution to the 4th Question
The ending balance of the Office Supplies = Opening balance + Debit postings – Credit postings
= $65 Debit + $80 Debit - $60 Credit
= $85 Debit
Add Answer to:
Which of the following groups of accounts have a normal credit balance?
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