Answer the following questions: Requirements 1. What type of normal balance does the Owner, Capital account have-debit or credit? 2. Which type of income statement account has the same type of balance as the Owner, Capital account? 3. Which type of income statement account has the opposite type of balance as the Owner, Capital account? 4. What do we call the difference between total debits and total credits on the income statement section of the worksheet? Requirement 1. What type of normal balance does the Owner, Capital account have-debit or credit? The Owner, Capital account normally has a balance. Requirement 2. Which type of income statement account has the same type of balance as the Owner, Capital account? The income statement account with the same type of balance as the Owner, Capital account is the account. Requirement 3. Which type of income statement account has the opposite type of balance as the Owner, Capital account? are the income statement accounts that have the opposite type of balance as the Owner, Capital account. Requirement 4. What do we call the difference between total debits and total credits on the income statement section of the worksheet? The difference between total debits and credits on the income statement section of the worksheet is called
Answer the following questions: Requirements 1. What type of normal balance does the Owner, Capital account have-debit or credit? 2. Which type of income statement account has the same type of balance as the Owner, Capital account? 3. Which type of income statement account has the opposite type of balance as the Owner, Capital account? 4. What do we call the difference between total debits and total credits on the income statement section of the worksheet? Requirement 1. What type of normal balance does the Owner, Capital account have-debit or credit? The Owner, Capital account normally has a balance. Requirement 2. Which type of income statement account has the same type of balance as the Owner, Capital account? The income statement account with the same type of balance as the Owner, Capital account is the account. Requirement 3. Which type of income statement account has the opposite type of balance as the Owner, Capital account? are the income statement accounts that have the opposite type of balance as the Owner, Capital account. Requirement 4. What do we call the difference between total debits and total credits on the income statement section of the worksheet? The difference between total debits and credits on the income statement section of the worksheet is called
Chapter5: Completing The Accounting Cycle
Section: Chapter Questions
Problem 1PB: Identify whether each of the following accounts would be considered a permanent account (yes/no) and...
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Transcribed Image Text:Answer the following questions:
Requirements
1.
What type of normal balance does the Owner, Capital account have-debit or credit?
2.
Which type of income statement account has the same type of balance as the Owner, Capital account?
3.
Which type of income statement account has the opposite type of balance as the Owner, Capital account?
4.
What do we call the difference between total debits and total credits on the income statement section of the worksheet?
Requirement 1. What type of normal balance does the Owner, Capital account have-debit or credit?
The Owner, Capital account normally has a
balance.
Requirement 2. Which type of income statement account has the same type of balance as the Owner, Capital account?
The income statement account with the same type of balance as the Owner, Capital account is the
account.
Requirement 3. Which type of income statement account has the opposite type of balance as the Owner, Capital account?
are the income statement accounts that have the opposite type of balance as the Owner, Capital account.
Requirement 4. What do we call the difference between total debits and total credits on the income statement section of the worksheet?
The difference between total debits and credits on the income statement section of the worksheet is called
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