For each of the following accounts, indicate whether it normally possesses a debit or a credit balance (use dr or cr ) 1 Sales 2 Supplies Expense 3 Accounts Receivable 4 Accounts Payable 5 Supplies Inventory 6 Retained Earnings 7 Dividends Payable 8 Depreciation Expense 9 Paid in Capital 10 Subscri...

For each of the following accounts, indicate whether it normally possesses a debit or a credit balance

Question:

For each of the following accounts, indicate whether it normally possesses a debit or a credit balance (use dr. or cr.):
1. Sales
2. Supplies Expense
3.
4.
5. Supplies Inventory
6. Retained Earnings
7. Dividends Payable
8. Depreciation Expense
9. Paid-in Capital
10. Subscription Revenue
11. Equipment
12. Accumulated Depreciation
13. Cost of Goods Sold
14. Prepaid Rent

Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...