Which account will have a debit balance?a) Sales Revenueb) Accounts Payablec) Accumulated Depreciationd) Rent Expense

Explanation of Sales Revenue:Sales revenue represents the income earned by a company from selling…

Answered: Which account will have a debit…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter5: Closing Entries And The Post-closing Trial Balance

Section: Chapter Questions

Problem 5DQ: What is the purpose of the Income Summary account? How does it relate to the revenue and expense...

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Similar questions

Consider the following accounts and determine if the account is an asset (A), a liability (L), or equity (E). A. Accounts Receivable B. Sales Revenue C. Land D. Unearned Revenue
In the revenue cycle, the most significant accounts typically include revenue and accounts receivable. (T/F)
Which of the following is a nominal account? a. Retained earnings b. Accounts receivable c. Purchase returns and allowances d. Accumulated depreciation
Which of the following accounts normally has a debitbalance?a. Unearned Revenueb. Rent Expensec. Retained Earningsd. Sales Revenue
Which of the following accounts has a normal debit balance? A. Interest Revenue B. Inventory C. Sales D. Accounts Payable
What kind of account is Unearned Revenue?a. Liability accountb. Asset accountc. Expense accountd. Revenue account
Which of the following is a contra account?
In which of the following types of accounts are increases recorded by credits? A. revenues and liabilities B. drawing and assets C. expenses and liabilities
Which of the following is an asset account? O A. Unearned Revenue O B. Notes Payable OC. Accounts Receivable O D. Wages Payable
Which of the following items is not a specific account in acompany’s accounting records?a. Accounts Receivableb. Net Incomec. Sales Revenued. Unearned Revenue
Which account is least likely to be debited when revenueis recorded?a. Accounts Payableb. Accounts Receivablec. Cashd. Unearned Revenue
The Sales Returns and Allowances account is reported as a a. Contra-revenue account on the income statement b. Current liability on the balance sheet c. Deduction from accounts receivables d. Selling expense on the incone statement

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Which account will have a debit balance? a) Sales Revenue b) Accounts Payable c) Accumulated Depreciation d) Rent Expense