Question: Identify the statement below that is incorrect. The normal balance of unearned revenues is a credit. The normal balance of accounts receivable is a debit.

Identify the statement below that is incorrect.
The normal balance of unearned revenues is a credit.
The normal balance of accounts receivable is a debit.
The normal balance of an expense account is a credit.
The normal balance of owner's withdrawals is a debit.
The normal balance of the owner's capital account is a credit.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

Brett Tarek, a manager at D & J Landscaping Limited, needs information regarding the amount of accounts payable currently owed by the company. This information would most easily be found in the...

Q:

Identify the statement below that is incorrect. The normal balance of accounts receivable is debit The normal balance of owner s equity account is credit The normal balance of retained earnings is...

Q:

1 7 Identify the statement below that is incorrect. The normal balance of Accounts Receivable is a debit. The normal balance of Services Revenue is a credit. The normal balance of Unearned Revenue is...

Q:

1Do the terms debit and credit signify increase or decrease or can they signify either? Explain.2 Identify each of the following accounts of Liken Services Co. as asset, liability, stockholders...

Q:

Identify the statement below that is incorrect . The normal balance of the owner's capital account is a credit. The normal balance of owner's withdrawals is a debit. The normal balance of unearned...

Q:

11l16l21. 8:19 PM Assignmentsl 1-Phuong Ha Student: Phuong Ha Instructor: Suzanna Karam Singh Date: 11/16/21 Course: ACCT1036 (3) Assignment: Assignment # 1 1. The adjusted trial balance of...

Q:

X i Requirements 1. Make Bull Ranch Company's closing entries at December 31, 2018. Explain what they accomplish and why they are necessary. 2. Post the closing entries to Retained Earnings and...

Q:

Can someone please help?!?!?! I don't get accounting :( University of Maryland University College Final Examination Acct220: Principles of Accounting I For this exam, omit all general journal entry...

Q:

- X Data table Cape Side Realty, Inc. Adjusted Trial Balance December 31, 2018 Account Debit Credit Cash 6,500 Accounts receivable 8,000 Prepaid rent 2,600 800 Supplies Equipment Accumulated...

Q:

The unadjusted trial balance of PS Music as of July 31, 2016, along with the adjustment data for the two months ended July 31, 2016, are shown in Chapter 3. Based upon the adjustment data, the...

Q:

3. Company's Cost of Goods Sold amounted to Php285,000. Net cost of purchases totaled Php85,000. Beginning inventory amounted to Php250,000. Sales amounted to Php 500,000. Compute for the company's...

Q:

A uniform magnetic field H oriented in Z-direction and an AC electric field E(t) = E(o)e perpendicular to H are applied on Cu metal. a- Write down the momentum equation. iot b- Suppose that E(o)=...

Q:

Lance contributed investment property worth $ 6 4 5 , 0 0 0 , purchased four years ago for $ 3 7 2 , 5 0 0 cash, to Cloud Peak LLC in exchange for an 9 0 percent profits and capital interest in the...

Q:

If the following join statement is used to join two tables in a query, which of the following tables would all of the tuples in the relation appear in results? left join university.students on...