15. What type of account is Bright, Withdrawals? A. Asset B. Liability C. Equity--Withdrawals D. Equity--Revenue...

Question

Question

15. What type of account is Bright, Withdrawals? A. Asset B. Liability C. Equity--Withdrawals D. Equity--Revenue E. Equity--E

business accounting

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

Option C is the answer

Withdrawals is a contra equity account. It is an opposite of normal equity account.

Normal equity account has debit balance.

Withdrawals are credit balance.

Add a comment

Answer 2

Similar Homework Help Questions

15. What type of account is Bright, Withdrawals? A. Asset B. Liability C. Equity--Withdrawals D. Equity--Revenue...

15. What type of account is Bright, Withdrawals? A. Asset B. Liability C. Equity--Withdrawals D. Equity--Revenue E. Equity--Expense Questions 16-20: Show how each of the following five business transactions is recorded as a journal entry. The correct answer is a journal entry which both balances (Dr. debits = Cr. credits) and contains the correct account names and amounts. 16. The company consulted for a new brand and billed the client for services rendered $2,000 A. Dr. Service Revenue 2000; Cr....
Chapter 2-Recording Business Transactions 11. What type of account is cash? A. Asset B. Liability C....

Chapter 2-Recording Business Transactions 11. What type of account is cash? A. Asset B. Liability C. Equity--Capital D. Equity--Revenue E. Equity--Expense 12. Which of the following accounts does NOT have a normal balance? A. Cash--Balance 1,000 credit B. Bright, Withdrawals--Balance 1,000 debit C. Accounts payable--Balance 1,000 credit D. Rent expense--Balance 1,000 debit E. Prepaid Rent--Balance 1,000 debit 13. Which of the following account names is a liability account? A. Cash B. Unearned Revenue C. Accounts Receivable D. Furniture E. Prepaid...
For each of the following (1) identify the type of account as an asset. liability, equity, revenue, or expense:

Exercise 2-4 Identifying type and normal balances of accounts LO C4 For each of the following (1) identify the type of account as an asset. liability, equity, revenue, or expense: (2) identify the normal balance of the account; and (3) select debit (Dr) or credit (Cr.) to identify the kind of entry that would increase the account balance.

For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense:

For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense: (2) identify the normal balance of the account, and (3) select debit (Dr) or credit (C.) to identify the kind of entry that would increase the account balance.
For each of the following (1) identify the type of account as an asset, liability, equity,...

For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense: (2) identify the normal balance of the account; and (3) select debit (Dr) or credit (Cr.) to identify the kind of entry that would increase the account balance. Type of Account Normal Balance Increase (Dr. or Cr.) 48 Account a. Prepaid Insurance b. Accounts Receivable c. Dividends d. License Fee Revenue e. Uneamed Revenue 1. Fees Eamed 9. Equipment h Notes...
For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense; (2) identify the normal balance of the account;

For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense; (2) identify the normal balance of the account; and (3) select debit (Dr.) or credit (Cr.) to identify the kind of entry that would increase the account balance.

For each of the following (1) identify the type of account as an asset, lability, equity,...

For each of the following (1) identify the type of account as an asset, lability, equity, revenue, or expense. (2) identify the normal balance of the account, and (3) select debit (Dr) or credit (Cr.) to identify the kind of entry that would increase the account balance Type of Account Normal Balance Increase (Dr. or Cr.) a. Land b. Cash c. Legal Expense d. Prepaid Insurance e Accounts Receivable f Owner, Withdrawals g License Fee Revenue h. Unearned Revenue i...
Instruction 1. Identify the type of accounts (i.e., asset, liability, or equity), and its normal balanc...

Instruction 1. Identify the type of accounts (i.e., asset, liability, or equity), and its normal balanc 'A' for asset, 'L' for liability, or 'E' for equity D' for debit, or 'C' for credit Account Cash Type Asset Liability Asset Equity Equity Equity Equity Equity Liability Equity Asset Asset Asset Asset Asset Liability Liability Equity Equity Asset Asset Normal Balance Debit Example 1. Accounts Payable 2. Accounts Receivable 3. Common Stock 4. Room Sales Revenue 5. Rent Expense 6. Rent Revenue...
For each account listed, write the type of account (Asset, Liability, Equity, Revenue or Expense) and...

For each account listed, write the type of account (Asset, Liability, Equity, Revenue or Expense) and what statement it goes on (Income Statement, Statement of Retained Earnings or Balance Sheet) Account Name Account Type Statement Cash Accounts Payable Accounts Receivable Prepaid Insurance Unearned Revenue Rent Payable Rent Salaries Utilities Sales Fees Earned Common Stock Retained Earnings (Beginning Balance) Retained Earnings (Ending Balance) Inventory Supplies Supplies Expense Dividends Insurance Buildings

Consider the following accounts and identify each account as an asset (A), liability (L), or equity...

Consider the following accounts and identify each account as an asset (A), liability (L), or equity (E). a. Notes Receivable А b. Nunez, Captial c. Prepaid Insurance d. Notes Payable e. Rent Revenue For each account, identify whether the changes would be recorded as a debit (DR) or credit (CR). a. Increase to Accounts Receivable b. Decrease to Unearned Revenue c. Decrease to Cash y d. Increase to Interest Expense e. Increase to Salaries Payable s

15. What type of account is Bright, Withdrawals? A. Asset B. Liability C. Equity--Withdrawals D. Equity--Revenue...

Homework Answers