Which of the following accounts has a normal credit balance? Notes Payable. Accounts Receivable. Dividends. Equipment.
Which of the following accounts has a normal credit balance?
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Notes Payable. |
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Accounts Receivable. |
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Dividends. |
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Equipment. |
Homework Answers
The Notes Payable Account will carry a normal credit balance. When money is borrowed, balance of cash account which has a debit balance would increase and also there will be a corresponding increase in the liability side in the form of Notes Payable Account which will carry a credit balance. All the remaining options given in the question such as Accounts receivables, Dividends and Equipments are expenses and assets which would always have a normal debit balance.
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Which of the following accounts has a normal credit balance?
Notes Payable.
Accounts Receivable.
Dividends.
Equipment.
Indicate the normal balance by inserting Debit or Credit. Normal Balance 1. Supplies select a normal...
Indicate the normal balance by inserting Debit or Credit.
Normal Balance
1.
Supplies
select a normal balance
DebitCredit
2.
Notes Payable
select a normal balance
CreditDebit
3.
Service Revenue
select a normal balance
CreditDebit
4.
Dividends
select a normal balance
CreditDebit
5.
Accounts Payable
select a normal balance
DebitCredit
6.
Salaries and Wages Expense
select a normal balance
CreditDebit
7.
Common Stock
select a normal balance
DebitCredit
8.
Accounts Receivable
select a normal balance
CreditDebit
9.
Equipment
select a normal...
Cash Accounts Receivable Prepaid Rent Office Supplies Equipment Accumulated Depreciation Equipment Accounts Payable Notes Payable (long-term)...
Cash Accounts Receivable Prepaid Rent Office Supplies Equipment Accumulated Depreciation Equipment Accounts Payable Notes Payable (long-term) 3,230 3,100 1,800 3,600 35,100 1,400 5,100 7,100 Common Stock Retained Earnings Dividends Service Revenue Depreciation Expense-Equipment Salaries Expense Rent Expense Utilities Expense Supplies Expense 22,000 14,330 2,200 1,800 800 1,200 400 200 A Ques 22. Billings Auto Repair has the following account balances at December 31, 2018, from its adjusted trial balance. BE: (Click the icon to view the account balances.) Compute Billings...
For the following accounts please indicate whether the normal balance is a debit or a credit....
For the following accounts please indicate whether the normal balance is a debit or a credit. Sales Dividends Office Supplies Retained Earnings Accounts Receivable Prepaid Rent Prepaid Insurance Wages Payable Building Wages Expense
Following are the general ledger account balances, listed in alphabetical order Accounts payable Accounts receivable Accumulated...
Following are the general ledger account balances, listed in alphabetical order Accounts payable Accounts receivable Accumulated depreciation-equipment 3,700 Rent expense Cash Common shares Dividends declared Equipment s 3,000 Held for trading investments 5,600 400 900 11,720 3,700 6,020 160 4,000 Income tax expense 2,400 Retained earnings 9,100 Salaries expense 300 Service revenue 16,400 Unearned revenue Identify the normal balance of each account. Normal Balance Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Common shares Dividends declared Equipment Held for trading investments...
11. The classification and normal balance of the accounts payable account is an asset with a...
11. The classification and normal balance of the accounts payable account is an asset with a credit balance a liability with a credit balance owner's equity with a credit balance revenue with a credit balance 12. A credit balance in which of the following accounts would indicate a likely error? a. Fees Earned b. Salary Expense c. Janet James, Capital d. Accounts Payable 13. The process of initially recording a business transaction is called ...
Indicate whether a debit or credit decreases the normal balance of each of the following accounts....
Indicate whether a debit or credit decreases the normal balance of each of the following accounts. Decrease Normal Balance a. Cash b. Accounts Receivable c. Note Receivable Prepaid Insurance Prepaid Rent Service Fees Earned Prepaid Parking Supplies Interest Revenue Store Equipment k Office Supplies Salaries Payable
Cash Prepaid insurance Accounts receivable Accounts payable Notes payable Common stock Dividends Revenues Expenses $12320 620...
Cash Prepaid insurance Accounts receivable Accounts payable Notes payable Common stock Dividends Revenues Expenses $12320 620 3080 2460 3700 4750 620 25520 15400 What amount did Bonita Industries's trial balance show as total credits? $35810 $37670 $37050 $36430
Question 27 Consider the following items: Cash Equipment Accounts payable Accounts receivable Land Notes payable (due...
Question 27 Consider the following items: Cash Equipment Accounts payable Accounts receivable Land Notes payable (due in two years) Buildings How many of the items listed above are generally current assets? ОА. Three OR TWO Oc Four OD One
All of the following accounts have a normal credit balance except:
All of the following accounts have a normal credit balance except:Group of answer choicesPrepaid RentAccounts PayableUnearned RevenueRevenueNotes Payable
Cash Investments (short-term) Accounts receivable Inventory Notes receivable (long-term) Equipment Factory building Intangibles $20,000 Accounts payable...
Cash Investments (short-term) Accounts receivable Inventory Notes receivable (long-term) Equipment Factory building Intangibles $20,000 Accounts payable 3,200 Accrued liabilities payable 3,600 Notes payable (current) 26,000 Notes payable (noncurrent) 2,600 Common stock 50,000 Additional paid-in capital 97,000 Retained earnings 4,400 $21,000 2,600 7,300 41,000 9,500 85,500 39,900 During the current year, the company had the following summarized activities: a. Purchased short-term investments for $8,400 cash. b. Lent $5,700 to a supplier who signed a two-year note. c. Purchased equipment that cost...
Indicate the normal balance by inserting Debit or Credit.
Normal Balance
1.
Supplies
select a normal balance
DebitCredit
2.
Notes Payable
select a normal balance
CreditDebit
3.
Service Revenue
select a normal balance
CreditDebit
4.
Dividends
select a normal balance
CreditDebit
5.
Accounts Payable
select a normal balance
DebitCredit
6.
Salaries and Wages Expense
select a normal balance
CreditDebit
7.
Common Stock
select a normal balance
DebitCredit
8.
Accounts Receivable
select a normal balance
CreditDebit
9.
Equipment
select a normal...
Cash Accounts Receivable Prepaid Rent Office Supplies Equipment Accumulated Depreciation Equipment Accounts Payable Notes Payable (long-term) 3,230 3,100 1,800 3,600 35,100 1,400 5,100 7,100 Common Stock Retained Earnings Dividends Service Revenue Depreciation Expense-Equipment Salaries Expense Rent Expense Utilities Expense Supplies Expense 22,000 14,330 2,200 1,800 800 1,200 400 200 A Ques 22. Billings Auto Repair has the following account balances at December 31, 2018, from its adjusted trial balance. BE: (Click the icon to view the account balances.) Compute Billings...
Following are the general ledger account balances, listed in alphabetical order Accounts payable Accounts receivable Accumulated depreciation-equipment 3,700 Rent expense Cash Common shares Dividends declared Equipment s 3,000 Held for trading investments 5,600 400 900 11,720 3,700 6,020 160 4,000 Income tax expense 2,400 Retained earnings 9,100 Salaries expense 300 Service revenue 16,400 Unearned revenue Identify the normal balance of each account. Normal Balance Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Common shares Dividends declared Equipment Held for trading investments...
Indicate whether a debit or credit decreases the normal balance of each of the following accounts. Decrease Normal Balance a. Cash b. Accounts Receivable c. Note Receivable Prepaid Insurance Prepaid Rent Service Fees Earned Prepaid Parking Supplies Interest Revenue Store Equipment k Office Supplies Salaries Payable
Cash Prepaid insurance Accounts receivable Accounts payable Notes payable Common stock Dividends Revenues Expenses $12320 620 3080 2460 3700 4750 620 25520 15400 What amount did Bonita Industries's trial balance show as total credits? $35810 $37670 $37050 $36430
Question 27 Consider the following items: Cash Equipment Accounts payable Accounts receivable Land Notes payable (due in two years) Buildings How many of the items listed above are generally current assets? ОА. Three OR TWO Oc Four OD One
Cash Investments (short-term) Accounts receivable Inventory Notes receivable (long-term) Equipment Factory building Intangibles $20,000 Accounts payable 3,200 Accrued liabilities payable 3,600 Notes payable (current) 26,000 Notes payable (noncurrent) 2,600 Common stock 50,000 Additional paid-in capital 97,000 Retained earnings 4,400 $21,000 2,600 7,300 41,000 9,500 85,500 39,900 During the current year, the company had the following summarized activities: a. Purchased short-term investments for $8,400 cash. b. Lent $5,700 to a supplier who signed a two-year note. c. Purchased equipment that cost...
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