Homework Answers
Solution
| Accounts | Normal balance |
| Freight in | Dr |
| Purchases | Dr |
| Purchase returns and allowances | Cr |
| Purchase discounts | Cr |
Freight in and purchases are expense accounts hence they have debit balance. Purchase return and discounts on purchase decrease the cost of purchase and have credit normal balance.
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Identify the normal balance of the following accounts. Use "Dr." for debit or "Cr." for credit....
Identify the normal balance of the following accounts. Use "Dr" for debit or "Cr" for credit....
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In the following table, indicate how to increase or decrease (debit or credit) each account, and indicate its normal balance (debit or credit). Increased Decreased Normal by by Balance (debit (debit (debit or credit) or credit) or credit) Title of Account Merchandise Inventory Sales Sales Returns and Allowances Sales Discounts Accounts Receivable Purchases Purchase Returns and Allowances Purchase Discounts Reference-Established up your response in EXCEL workbook as the Table shown in the question & put your reply of Debit...
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Build a T-account for each account title. Label the DR (debit), CR (credit), NB (normal balance), and "+" or "-". Debit Credit Normal Balance Long-term Investments Common Stock Dividends + - - + - Det Credit Normal Balance Normal Balance Credit Pension Expense Legal Fees Payable Service Revenue + - +
Identify the normal balance (debit or credit) for each of the following accounts. Normal Ending Balance Fees Eamed (Revenues) b. Office Supplies c Owner, Withdrawals d. Wages Expense e. Accounts Receivable E Prepaid Rent 9. Wages Payable h. Building Owner. Capital Debit Credit
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