Question

Scoring: Your score will be based on the number of correct matches. There is no penalty for incorrect or missing matches. For each of the following accounts, indicate whether its normal balance is on the credit side or the debit side of the T account. Clear All Copyrights Accounts Payable Credit side Accounts Receivable Debit side Interest Earned Common Stock

Answer 1

SOLUTION:
	Debit/Credit	Remarks
Copyrights	Debit Side	Copyrights is an Fixed assets and assets have normal debit balance only
Accounts Payable	Credit Side	Account Payable is A current liabilities and liabilities have normal credit balance only
Accounts Receivable	Debit Side	Account Receivable is an current assets and current assets have normal debit balance only
Interest Earned	Credit Side	This is an revenue and revenue account have credit balance only
Common Stock	Credit Side	This is an Capital Account and capital account have credit balance only