An account is said to have a debit balanceif?Select one:O a. There are more entries on the debitside than on the credit sideO b. The total of credit is more than thetotal of the debitsO c. The last entry of the accountingperiod was posted on the debit sideO d. The total of debit is more than thetotal of the credits

A debit entry is when the entry has a negative impact on the liabilities or a positive impact on…

Answered: An account is said to have a debit…

An account is said to have a debit balance if? Select one: O a. There are more entries on the debit side than on the credit side O b The total of credit is more than the

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter3: Processing Accounting Information

Section: Chapter Questions

Problem 3.6E: Normal Account Balances Each account has a normal balance. For the following list of accounts,...

See similar textbooks

Related questions

Q: Can I ask normal balance part for accounts payable, which one I should choose? credit or debit? why

A: Liability is the amount that is owed by a company. Liability is divided into two categories that is…

Q: An account is said to have a debit balance if ? Select one: a. The amount of debit exceeds the…

A: When total amount of debit entries in an account is greater than total amount of credit entries,…

Q: The left side of an account is used to record which of the following? a. Debit or credit, depending…

A: Definition: Rules of Debit and Credit: Following rules are followed for debiting and crediting…

Q: 1. What are the elements of an expanded accounting equation?

A: Hi student Since there are multiple questions, we will answer only first question.

Q: Which one of the four methods of payments creates an accounts receivable? Select one: a.…

A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short period…

Q: Which type of credit account is balanced in the last two columns of a worksheet? O A. Expense B.…

A: Account: It can be defined as a record that is maintained by the business in its general ledger to…

Q: Use the following T-account for Careful Corporation to answer questions 11 and 12:…

A: The left side of account receivables T account is debit side and the right side is credit side. If…

Q: 1. Issued stock to investors for $13,300 in cash. 2. Purchased used car for $10, 100 cash for use in…

A: The different transactions in the business affects two or more accounts of the business, with one…

Q: Which of the following accounts has a normal credit balance? X a. Accounts Receivable b. Yura Wun,…

A: Under double entry accounting system each account have debit or credit balance.All assets have debit…

Q: An account balance is: Multiple Choice The total of the credit side of the account. The total of the…

A: Ledger means the account prepared where the entries related to one particular account is posted at…

Q: The credit memoranda creates a(n) __ in the accounts receivable file of a customer. A. note…

A: Accounting is the process of documenting a business's financial transactions. These transactions are…

Q: A credit memorandum results in a(n) ___ in a customers accounts receivable file. A. memo B.…

A: Credit memo - Indicates a decrease in the amount of customer owed to the seller. Components of the…

Q: What is the difference between a nominal account and a real account?

A: Nominal Account: These are the accounts that pertain to Incomes (or Revenues) and Expenses. Thus,…

Q: An account is said to have a debit balance if ? Please full explain the explanation. a. the amount…

A: The balance is said to have a debit balance when the debit side has an excess over the credit…

Q: Excess of Debit side over Credit side is called?

A: Books of accounts contains various ledgers. And these ledgers contain various accounts. These…

Q: The left side of any account is the credit side 10 A) True B) False

A: Solution: An account is way of record keeping with two sides. One is left side or debit side and…

Q: What is a T-account? On which side is the debit? On which side is the credit? Where does the account…

A: Debits are recorded on the left and credits are recorded on the right side of a T-account with the…

Q: Which of the following is true regarding 'Credit Balance' in ledger account? O a. All options are…

A: Option d is correct.

Q: Which of the following is a type of off-Balance Sheet activity? a. A demand loan. b. A Letter of…

A: Introduction:- Off-balance sheet refer to activities that are effectively assets or liabilities of…

Q: Which one of the following is not a part of an account? Select one: a. Title b. Credit side c.…

A: Account consists of: Date Title Debit side Credit side

Q: What does it mean when Drawings has a normal debit balance or a normal credit balance? Please…

A: Meaning of Drawings:- In accounting, the term "Drawings" refers to the withdrawals made by the owner…

Q: The total credit equal to the total of debit in ledger account is called: O a. Credit balance O b.…

A: The ledger is prepared using journal entries.

Q: T-Accounts (All Formulas/Equations) Would you please provide me with the formula/equation used to…

A: Determine beginning balance for account having debit balance and credit balance as shown below:

Q: Which of the following is true about T accounts? a.Transactions are first recorded in T accounts and…

A: Journal is the primary recording of any transaction which is entered in the financial accounting.…

Q: When you collected Accounts Receivables, your entry would include?

A: Accounts Receivable is shown as an asset in the books of accounts and has a debit balance. When the…

Q: Which item will appear on the credit side of ledger account?

A: General ledger: General ledger is a book of original entry which records the accounting data in…

Q: Identify which types of accounts have a normal debit balance and which types of accounts have a…

A: Financial accounting is the process of recording, summarizing, and reporting all the transactions in…

Q: The left side of an account is used to record which of the following? Debit or credit, depending on…

A: The correct answer is option (d). The left side of an account is used to record the debits as per…

Q: Which of the following statements are true? Credit entries produce increases in some account…

A: Debit increases asset and expense accounts, while credit increases liability, equity, and revenue…

Question

An account is said to have a debit balance
if?
Select one:
O a. There are more entries on the debit
side than on the credit side
O b. The total of credit is more than the
total of the debits
O c. The last entry of the accounting
period was posted on the debit side
O d. The total of debit is more than the
total of the credits

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Will an accounts receivable balance increase with a debit or a credit entry? How do you know?
An account balance is: Multiple Choice The total of the credit side of the account. The total of the debit side of the account. The difference between the total debits and total credits for an account including the beginning balance. Used to identify source documents. Always a credit.
The total credit equal to the total of debit in ledger account is called: O a. Credit balance O b. Negative balance O C. No balance O d. Positive balance
Which type of credit account is balanced in the last two columns of a worksheet? O A. Expense B. Revenue C. Accounts payable D. Accounts receivable
Which of the following is true regarding 'Credit Balance' in ledger account? a. All options are correct O b. Debit total equal to credit total O C. Excess of debit total over credit total O d. Excess of credit total over debit total
The T-account is used to summarize which of thefollowing?a. Increases and decreases to a single account in theaccounting system.b. Debits and credits to a single account in the accountingsystem.c. Changes in specific account balances over a timeperiod.d. All of the above describe how T-accounts are used byaccountants.
The Accounts Question: What does it mean when Drawings has a normal debit balance or a normal credit balance? Please explain/examples.
Use the following to answer questions 16 - 19 For each transaction indicate whether it should: A. increase, B. decrease, or C. no effect. Credit sales transaction cycle Asskiabilitstockholders’ equRtøvenespenses 16. Provide services on account 17. Estimate uncollectible accounts 18. Write off accounts as uncollectible 19. Collect on account previously written off
A credit memorandum results in a(n) ___ in a customers accounts receivable file. A. memo B. decrease C. Transer D. Increase
Can I ask normal balance part for accounts payable, which one I should choose? credit or debit? why
Which of the following transactions will require a journal entry? Indicate if it will be a debit or a credit and to what account the entry will be recorded. Select "NA" if not applicable.
Which item will appear on the credit side of ledger account? Select one: a. Rent expense b. Purchases c. Sales d. Cash received