Question

can some one please probide the correct answers, and a small explanation. thanks!

I 5. What is the normal balance of the following accounts? Accounts Payable Capital Stock Cash Utilities Expense Rent Revenue Vehicle Dividends Unearned Fees

Answer 1

Accounts payable:-  Credit balance Because accounts payable is a liability account, it should have a credit balance

Cash:- Debit balance Because cash is an assets account.Assets accounts normally have debit balances

Rent revenue:- Credit balance Because Revenue and Gains are usually credit Balance

Dividend. Debit balance Because it would be an equity account but have a normal balance

Capital stock:- Credit balance Because Equity accounts record the claims of the owners of the business/entity to the assets of that business/entity

Utilities expense. Debit balance Because debits increase expense accounts, they normally have debit balances.

Vehicle :- Debit balance Becuase all normal assets accounts have been debit balance

Unearned fees:- Credit balance Because unearned Fees appears on the Balance sheet. unearned Fees is a liability.