For each of the accounts listed below, indicate whether thetypical or normal balance is a debit or credit.1. Cash2. Accounts Payable3. Prepaid Expense4. Deferred Revenue5. Allowance for Sales Discounts and Returns

Name: For each of the accounts listed below, indicate whether thetypical or
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Description: For each of the accounts listed below, indicate whether thetypical or normal balance is a debit or credit.1. Cash2. Accounts Payable3. Prepaid Expense4. Deferred Revenue5. Allowance for Sales Discounts and Returns

Answered: For each of the accounts listed below,…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 8EA: For the following accounts please indicate whether the normal balance is a debit or a credit. A....

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For each of the accounts listed below, indicate whether the
typical or normal balance is a debit or credit.
1. Cash
2. Accounts Payable
3. Prepaid Expense
4. Deferred Revenue
5. Allowance for Sales Discounts and Returns

Expert Solution

Step 1 Introduction

The different accounts in business have different balance as debit and credit.

The assets and expenses have debit balance.

The liabilities and revenue have credit balance.

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