Homework Answers
7. A credit is no normal balance for A dividend account.
Correct option is D.
8. Purrfect Pets, Inc. makes a $10,000 payment on account. This would result in a $10,000 debit to accounts payable and a $10,000 credit to cash.
Correct option is C.
9. In classified balance sheet, assets and liabilities are classified according to whether they are current or noncurrent. "They will be acquired within one year" ,this statement is not correct about current assets.
Correct option is A.
10. Accounts payable would not be classified as a current asset.
correct option is B.
Cash, supplies and inventory are current assets.
Kindly comment if you need further assistance.
Thanks‼!
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7. A credit is not the normal balance for which account listed below? a. Common Stock...
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