Identify the normal balance (debit or credit) for each of the following accounts. a. Fees Earned (Revenues) b. Office Supplies c. Owner, Withdrawals d. Wages Expense e. Accounts Receivable f. Prepaid Rent g. Wages Payable h. Building i. Owner, Capital

Identify the normal balance (debit or credit) for each of the following accounts. a. Fees Earned (Revenues) b. Office Supplies c. Owner, Withdrawals d. Wages Expense e. Accounts Receivable f. Prepaid Rent g. Wages Payable h. Building i. Owner, Capital

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter10: Accounting For Sales And Cash Receipts

Section10.1: Accounting For Sales On Account

Problem 4AYU

See similar textbooks

Related questions

Q: Which of the following entries records the receipt of cash from clients on account? a.Accounts…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: What are the basic entries to recognize an account receivable?

A: Solution- Accounts receivable (AR) is money that your customers owe you for buying goods and…

Q: How is accounts-receivable turnover computed and what can the calculation tell the owner-manager?

A: Ratio analysis is significant for the financial position of the corporation, profitability,…

Q: Below is a list of common accounts.Accounts Debit or CreditCash…

A: Normal balance refers to the excess of amount on one side, over the amount on the other side in an…

Q: Which account is least likely to be debited when revenueis recorded?a. Accounts Payableb. Accounts…

A: Revenue account is credited when revenue is recorded.

Q: describe the difeference between an account receivable and an account payable

A: Account Receivable: Account Receivable is the account in which a organization records the amount…

Q: For each of the following accounts, indicate whether the account is shown in the income statement or…

A: Financial Statement: They are annual reports of an organization summarizing the financial…

Q: Which of the following accounts normally has a debitbalance?a. Unearned Revenueb. Rent Expensec.…

A: correct option is b.) Rent Expense Generally Assets, expenses, losses, and the owner's drawing…

Q: Which of the following pairs of accounts are impacted the same with debits and credits? Electricity…

A: There are two sides of account in accounting. One is debit side and other is credit side. For all…

Q: Identifying normal balances For each account, identify whether the normal balance is a debit (DR) or…

A: Assets and Expenses accounts have the debit balance and liabilities and income have the credit…

Q: Complete the table below. Item Classification of item (A, L, OE, R, E) Income Statement (IS)…

A: L= Liabilities A = Assets OE = Owner's equity R = Revenue E = Expense IS = income statement BS =…

Q: A credit is used to increase which of the following accounts? a. Dividends. b. Insurance Expense. c.…

A: Credit: It refers to an entry that is recorded on the right side of the account. It implies an…

Q: Which of the following accounts is not a permanent account? Select one: a. Utilities Expense b.…

A: A permanent account is the account which is not closed at year end and same is carried to balance…

Q: Accounts Receivable will appear on which of the following financial statements?a. Income statementb.…

Q: Identify the following accounts of Advanced Services Co. as asset, liability, owner’s equity,…

A: Assets are the resources of a company which provides future cash flows and having an economic value.…

Q: Define the following terms? 1.) Sundry expenses. 2.) Accrued interest. 3.) Credit balance.

A: Sundry expenses: Sundry expenses are expenditures incurred by company which is generally of small…

Q: Which of the following groupings of accounts includes only accounts that carry a normal credit…

A: The assets and expenses have the normal debit balance and these accounts are debited with increase…

Q: On which financial statement would the ending balance of the account “accounts receivable” be…

A: Definition: Balance sheet: This financial statement reports a company’s resources (assets) and…

Q: What accounts can appear on the Income Statement?

A: Income statement is a statement that helps in calculating the income or the profit and loss of a…

Q: The following is considered an Asset Account: a. Salaries Payable b. Benefits Payable c. Cash or…

A: An asset refers to economic resources that are held by an individual, or organization with the…

Q: Which of the following accounts has a normal debit balance? A. Interest Revenue B. Inventory C.…

A: All assets and expense accounts normally have debit balance. All liabilities and incomes would…

Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

Identify the normal balance (debit or credit) for each of the following accounts.
a. Fees Earned (Revenues)
b. Office Supplies
c. Owner, Withdrawals
d. Wages Expense
e. Accounts Receivable
f. Prepaid Rent
g. Wages Payable
h. Building
i. Owner, Capital

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

NORMAL BALANCE OF ACCOUNT Indicate the normal balance (debit or credit) for each of the following accounts: 1. Cash 2. Rent Expense 3. Notes Payable 4. Owners Drawing 5. Accounts Receivable 6. Owners Capital 7. Tools
In the revenue cycle, the most significant accounts typically include revenue and accounts receivable. (T/F)
Indicate the work sheet columns (Income Statement Debit, Income Statement Credit, Balance Sheet Debit, Balance Sheet Credit) in which the balances of the following accounts should appear: a. S. Moon, Drawing b. Utilities Expense c. Merchandise Inventory (ending) d. Purchases Discounts e. Unearned Rent f. Sales Returns and Allowances g. Accumulated Depreciation, Equipment h. Income Summary i. Service Income j. Prepaid Insurance
The schedule of accounts payable lists each creditors account balance, and the total equals the _________________. a. Controlling account in the journal b. Accounts Payable account in the general ledger c. Accounts Receivable account in the general ledger d. Purchases account in the general ledger e. Sales account in the general ledger
On the work sheet, assets are recorded in which of the following columns? a. Trial Balance, Credit b. Income Statement, Debit c. Balance Sheet, Debit d. Adjusted Trial Balance, Credit
Classify each of the accounts listed below as assets (A), liabilities (L), owners equity (OE), revenue (R), or expenses (E). Indicate the normal debit or credit balance of each account. Indicate whether each account will appear in the Income Statement columns (IS) or the Balance Sheet columns (BS) of the work sheet. Item 0 is given as an example.
Classify each of the accounts listed below as assets (A), liabilities (L), owners equity (OE), revenue (R), or expenses (E). Indicate the normal debit or credit balance of each account. Indicate whether each account will appear in the Income Statement columns (IS) or the Balance Sheet columns (BS) of the work sheet. Item 0 is given as an example.
Which of the following best describes the classification and normal balance of the accounts receivable account? Select one: a. Asset, Debit b. Liability, credit c. Revenue, credit d. Owner's equity, debit
a list of each customer account and thre balance owed is a:
Label each of the following accounts as asset (A), liability (L), owner’sequity (OE), revenue (R), or expense (E).a. Office Suppliesb. Professional Feesc. Prepaid Insuranced. R. Baker, Drawinge. Accounts Payablef. Service Incomeg. R. Baker, Capitalh. Rent Expensei. Accounts Receivablej. Wages Expense
Identify in what ledger (general or subsidiary or both) each of the following accounts is shown. Accounts Ledger a. Rent Expense. select a type of ledger b. Accounts Receivable—Cabrera. select a type of ledger c. Notes Payable. select a type of ledger d. Accounts Payable—Pacheco. select a type of ledger
When a customer pays in advance for products or services, which of the following accounts is credited? a.Sales Revenue b.Cash c.Unearned Revenue d.Accounts Receivable