Question: Question 1 2 When computing the normal balance of an account: accounts payable should have a credit balance salaries expense should have a credit balance

Question 12
When computing the normal balance of an account:
accounts payable should have a credit balance
salaries expense should have a credit balance
equipment should have a credit balance
notes payable should have a debit balance
Question 12 When computing the normal balance of an account: accounts

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:

*Exercise 3-12 The following is a list of accounts, in alphabetical order, for Cullumber Ltd. at December 31, 2018. All accounts have a normal balance $1,500 Office expense Accounts payable $4,600...

Q:

Activity # 3.A Instruction: Prepare a simple journal entry with these following transactions. Write your answers in any clean sheet of paper. 1. On March 1, 2010, Mr. Ruel Santos opens a current...

Q:

For each of the following accounts indicate the effects of {a} a debit and {b} a credit on the accounts and {c} the normal balance of the account. Accounts Payable Advertising Expense Service Revenue...

Q:

4 Question 1: Calculate the Normal Balance Normal balance = Increasing side minus decreasing side, Inventory Debit Credit 3/1/2020 $20,000 $1,000 3/15/2020 $1,500 Account Payable Debit Credit $2,800...

Q:

Which of the following applications of the rules of debit and credit is true?Decrease Wages Expense with a credit and the normal balance is a creditIncrease Accounts Payable with a credit and the...

Q:

Assessment Task (1) (for chapter 2) Ex. (1) For the accounts listed below, indicate if the normal balance of the account is a debit or credit Normal Balance Dior Coedit Accounts 1 Service Revenue 2...

Q:

for each of the following, identify the type of accoubt as an asset, liability, equity, revenue, or expense. identify the normal balance of the account and select debit or credit to identify the kind...

Q:

i More Info Jul. 1 Yang contributed $65,000 cash to the business in exchange for common stock. 5 Paid monthly rent on medical equipment, $580. 9 Paid $19,000 cash to purchase land to be used in...

Q:

a1 Prepare the adjusting journal entries. a2 Post the adjusting journal entries. b Prepare an adjusted balance Interest Payable 4. Nov. 30 Accounts Receivable Cash Prepaid Advertising Question 1 of 1...

Q:

( Ch4: HW Question 1 of 1 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accounts Payable Unearned Service Revenue Common Stock Service Revenue Salaries and Wages Expense Rent Expense...

Q:

The return on a portfolio during a period is defined by PVend Pvbeg / PVbeg Where PVbeg is the portfolio value at the beginning of a period and PVend is the portfolio value at the end of the period....

Q:

A firm had sales of $5,000,000 and incurred a cost of goods sold equal to $4,500,000. The firms operating expenses were $130,000, and its increases in retained earnings was $40,000 for the year....

Q:

Which of the following classes of stock is not alowed to be used in a 5 3 5 1 Vansaction? Mutiple Chove Wiling corveas shock Koting prefened stock Norwoting prelened stock Al of thene ciasses of...

Q:

2023 1040 form 1.Phillip and Claire are married and file a joint return. Phillip is self-employed as a real estate agent, and Claire is a flight attendant. Phillip and Claire have three dependent...