Homework Answers
Solution :
Assets : Asset accounts normally have a debit balance.
Liabilities : Liabilities accounts normally have a credit balance.
Common stock : Common stock being equity account normally has a credit balance
Revenues : Revenue accounts normally have a credit balance
Expenses : Expense accounts normally have a debit balance
Thus the solution is Option 2
Assets Debit
Liabilities Credit
Common Stock Credit
Revenues Credit
Expenses Debit
Add Answer to:
Which of the following correctly identifies normal balances of accounts? Assets Debit Credit Credit Liabilities Common...
Which of the following groups of accounts increase with a credit? liabilities, common stock, revenues common...
Which of the following groups of accounts increase with a credit? liabilities, common stock, revenues common stock, revenues, expenses assets, common stock, revenues None of these choices are correct. CC
Which of the following groups of accounts have a normal credit balance?
Which of the following groups of accounts have a normal credit balance? A. Assets, capital, and withdrawals B. Liabilities, expenses, and assets C. Assets, expenses, and withdrawals D. Revenue, liabilities, and capital Which of the following groups of accounts have a normal debit balance? A. Liabilities, Expenses, and Assets B. Revenue, Liabilities, and Expense C. Assets, Expenses, and Withdrawals D. Assets, Capital, and Withdrawals The ledger is: A. a group of accounts that records results from business transactions. B. a tool used to ensure that all accounts have normal balances. C. a tool...
On the trial balance, which account balances should be listed in the debit column? A. Liabilities,...
On the trial balance, which account balances should be listed in the debit column? A. Liabilities, Revenues, and Common Stock O B. Liabilities, Revenues, and Dividends O C. Assets, Dividends, and Expenses OD. Assets, Revenues, and Dividends
In terms of debits and credits, which types of accounts will have the same (debit or...
In terms of debits and credits, which types of accounts will have the same (debit or credit) normal balance? a.Expenses, liabilities, and capital stock b.Assets, capital stock, and revenues c.Dividends, expenses, and assets d.Retained earnings, dividends, and liabilities
Which of the accounts are decreased on the debit side and increased on the credit side?...
Which of the accounts are decreased on the debit side and increased on the credit side? Multiple Choice 22 Dividends, liabilities, and assets. O Assets, dividends, and expenses. Expenses, dividends, and stockholders' equity. Liabilities, stockholders' equity, and revenues.
b) Fill in the expanded accounting equation with Debit (DR), Credit (CR), and Increase (Inc.) and...
b) Fill in the expanded accounting equation with Debit (DR), Credit (CR), and Increase (Inc.) and Decrease (Dec.). = Liabilities Assets Equity Contributed Capital Retained Earnings Common = Liabilities Assets (d) Dividends Stock Revenues Expenses c) Fill in the normal balance of the account Account type Asset Expenses Dividends Liabilities Normal Balance Debit Revenues Common Stock d) Determining the balance in the following T-account Cash 25,000 1,000 2,000 3,000
M2-6 Identifying Accounts on a Classified Balance Sheet and Their Normal Debit or Credit Balances (LO...
M2-6 Identifying Accounts on a Classified Balance Sheet and Their Normal Debit or Credit Balances (LO 2-1, LO 2-3, LO 2-4) Netflix, Inc., is the world's leading Internet subscription service for movies and TV shows. Required: 1.&2. The following are several of the accounts included in a recent balance sheet. Indicate how each account normally should be categorized on a classified balance sheet. Use CA for current asset, NCA for noncurrent asset, CL for current liability, NCL for noncurrent liability,...
Identify the accounts that would normally have balances in the debit column of a business's trial...
Identify the accounts that would normally have balances in the debit column of a business's trial balance. Multiple Choice Revenues and expenses. Assets and revenues. Liabilities and dividends. Liabilities and expenses. Assets and expenses.
Which of the following is not a possible journal entry? Debit Expenses: Credit Assets...
Which of the following is not a possible journal entry? Debit Expenses; Credit Assets Debit Expenses; Credit Liabilities Debit Assets; Credit Revenues Credit Assets; Credit Revenues Heimer, Inc. provides services to customers totaling $14,000, for which it billed the customers. How would the transaction be recorded? DR: Accounts Receivable 14,000 CR: Service Revenue 14,000 DR: Cash 14,000 CR: Service Revenue 14,000 DR: Accounts Payable 14,000 CR: Service Revenue 14,000 DR: Accounts Receivable 14,000 CR: Cash 14,000 When a company receives a prepayment from a customer and provides services to the customer...
7. A credit is not the normal balance for which account listed below? a. Common Stock...
7. A credit is not the normal balance for which account listed below? a. Common Stock account b. Revenue account c. Liability account d. Dividends account A) 8. Purrfect Pets, Inc. makes a $10,000 payment on account. This would result in a: $10,000 credit to Cash and a $10,000 credit to Accounts Payable. $10,000 debit to Cash and a $10,000 debit to Accounts Payable. $10,000 debit to Accounts Payable and a $10,000 credit to Cash. $10,000 debit to Cash and...
Which of the following groups of accounts increase with a credit? liabilities, common stock, revenues common stock, revenues, expenses assets, common stock, revenues None of these choices are correct. CC
On the trial balance, which account balances should be listed in the debit column? A. Liabilities, Revenues, and Common Stock O B. Liabilities, Revenues, and Dividends O C. Assets, Dividends, and Expenses OD. Assets, Revenues, and Dividends
Which of the accounts are decreased on the debit side and increased on the credit side? Multiple Choice 22 Dividends, liabilities, and assets. O Assets, dividends, and expenses. Expenses, dividends, and stockholders' equity. Liabilities, stockholders' equity, and revenues.
b) Fill in the expanded accounting equation with Debit (DR), Credit (CR), and Increase (Inc.) and Decrease (Dec.). = Liabilities Assets Equity Contributed Capital Retained Earnings Common = Liabilities Assets (d) Dividends Stock Revenues Expenses c) Fill in the normal balance of the account Account type Asset Expenses Dividends Liabilities Normal Balance Debit Revenues Common Stock d) Determining the balance in the following T-account Cash 25,000 1,000 2,000 3,000
M2-6 Identifying Accounts on a Classified Balance Sheet and Their Normal Debit or Credit Balances (LO 2-1, LO 2-3, LO 2-4) Netflix, Inc., is the world's leading Internet subscription service for movies and TV shows. Required: 1.&2. The following are several of the accounts included in a recent balance sheet. Indicate how each account normally should be categorized on a classified balance sheet. Use CA for current asset, NCA for noncurrent asset, CL for current liability, NCL for noncurrent liability,...
7. A credit is not the normal balance for which account listed below? a. Common Stock account b. Revenue account c. Liability account d. Dividends account A) 8. Purrfect Pets, Inc. makes a $10,000 payment on account. This would result in a: $10,000 credit to Cash and a $10,000 credit to Accounts Payable. $10,000 debit to Cash and a $10,000 debit to Accounts Payable. $10,000 debit to Accounts Payable and a $10,000 credit to Cash. $10,000 debit to Cash and...
Most questions answered within 3 hours.
-
Suppose that on a temperature scale X, water boils at 203.0°X
and freezes at -105.7°X. What...
asked 20 minutes ago -
BaS crystallizes in a cubic unit cell with S2- ions on each
corner and each face....
asked 51 minutes ago -
A. 0≤P(Oi)≤10≤P(Oi)≤1 for each i
B. P(Oi)≤0P(Oi)≤0
C. P(Oi)=1+P(OCi)P(Oi)=1+P(OiC)
D. P(Oi)≥1P(Oi)≥1
If an experiment consists of...
asked 2 hours ago -
A battery has an emf of 9.20V and an internal resistance of 1.20
ohm. a)What resistance...
asked 2 hours ago -
The area of an elastic circular loop decreases at a constant
rate, dA/dt = −6.60×10−3 m2/s...
asked 3 hours ago -
The denaturation of proteins can be described by the
equilibrium
F⇌U
where F and U represent...
asked 5 hours ago -
Please answer what the maximum and minimum force is, and the
angle on the ion is...
asked 5 hours ago -
implement a program that reads a number of rows and a symbol.
The program will draw...
asked 5 hours ago -
Assume that when adults with smartphones are randomly selected,
45% use them in meetings or classes....
asked 5 hours ago -
Determine the number of formula units of
Na2SO4 and moles of oxygen contained in 8.11
moles...
asked 5 hours ago -
Explain in steps on the following code
What would be the output when executed
using System;...
asked 5 hours ago -
Given the information in the table, which of the following
statements is CORRECT?
Stock A
Stock...
asked 5 hours ago