Question

QS 2-4 Identifying normal balance LO C4 Identify the normal balance (debit or credit) for each of the following accounts. Normal Ending Balance a. Rent Expense Debit b. Legal Expense Debit c. Interest Payable Credit d. Factory Debit e. Fees Earned (Revenues) Credit f. Haircutting Revenue Credit 9. Accounts Payable Credit h. Land Debit 1. Office Supplies Debit

Answer 1

Ans.	All the answers are correct.
		Normal Ending Balance
	a	Rent expense	Debit
	b	Legal expense	Debit
	c	Interest payable	Credit
	d	Factory	Debit
	e	Fees earned (Revenues)	Credit
	f	Haircutting revenue	Credit
	g	Accounts payable	Credit
	h	Land	Debit
	i	Office supplies	Debit
	*Explanations:
		*All assets (factory, land and office supplies) have normal debit balance.
		*All liabilities (interest payable and accounts payable) have normal credit balance.
		*All expenses (rent expenses and interest expenses) have normal debit balance.
		*All revenues (fees earned and haircutting revenue) have normal credit balance.