Answered: In 35 words or fewer, explain the…

In 35 words or fewer, explain the difference between a debit and a credit, and explain what the normal balance of the six account types is.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 10PA: Identify whether the following transactions would be recorded with a debit (Dr) or credit (Cr)...

See similar textbooks

Related questions

Q: An account consists of Select one: a. a title, a left side, and a debit balance. b. a…

A: An account consists of three parts: First the title of account (which is a unique name assigned to…

Q: Which type of credit account is balanced in the last two columns of a worksheet? O A. Expense B.…

A: Account: It can be defined as a record that is maintained by the business in its general ledger to…

Q: Crediting means O a. Entering the amount on the left side of the account O b. Entering the amount on…

A: Introduction: Accounting: Accounting is an art of recording , classifying , summarizing and…

Q: Use the following T-account for Careful Corporation to answer questions 11 and 12:…

A: The left side of account receivables T account is debit side and the right side is credit side. If…

Q: Identify the normal balance (debit or credit) for each of the following accounts. Owner, Withdrawals

A: : Normal balance: The normal balance of accounts can be defined as an accounting process of…

Q: An account is said to have a debit balance if? Select one: O a. There are more entries on the debit…

A: A debit entry is when the entry has a negative impact on the liabilities or a positive impact on…

Q: Which of the following is true regarding normal balances of accounts? A. All accounts have a…

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: What is the normal balance for each of the following accounts? (i) Accounts Receivable. (ii) Cash.…

A: (i) Normal balance of account receivables is debit because when we are to receive somthing from some…

Q: From pages 5-1 and 5-3 of the LVN, match the term with its explanation. Put the answers in the right…

A: The pages attached provide us with an understanding of how credit transactions are recorded and how…

Q: The two-column journal a.contains a debit and a credit column for recording the amounts for each…

A: Lets understand the basics. The two column journal is a journal which is having debit and credit…

Q: In Short, explain the difference between a debit and a credit, and explain what the normal balance…

A: The difference between a debit and a credit:Debit, all increase in assets, expense and stockholders’…

Q: Identify the normal balance (debit [Dr] or credit [Cr]) for each of the following accounts. Owner,…

Q: Identify the normal balance (debit [Dr] or credit [Cr]) for each of the following accounts. Unearned…

A: Unearned revenue: The revenue which is received in advance by the company for the services or goods…

Q: The debits and credits from three related transactions are presented in the following creditor's…

A: June 6: In this transaction goods are purchased or services are received on account; and the source…

Q: Five account classifications are shown as column headings in the table below. For each account…

A: Different accounts have different effects with increase or decrease on basis of debit and credit.

Q: Indicate whether a debit or credit decreases the normal balance of each of the following accounts.…

A: Normal balance of all assets should be debit balance. When assets are increased, then assets account…

Q: For each transaction show the double entry (debit and credit general ledger names), as well as the…

Q: Select whether each of the following accounts normally has a debit balance or a credit balance:

A: Under generally accepted accounting principles, All the assets and expenses accounts has normal…

Q: Given the following list of accounts with normal balances, what are the trial balance totals of the…

A: Cash and Accounts Receivables : Cash and Accounts Receivables both are assets. Assets always have…

Q: What is the difference between the Metric System and the Imperial? Describe what an Orthographic…

A: As per our guidelines we are supposed to answer only one question (if there are multiple questions…

Q: 0. Accounts receivable and accounts payable are most likely classified as which financial statement…

A: Account receivable are the credit sales which are receivable in few days

Q: = For each transaction, state the accounts to be debited and accounts to be credited with their…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Rules of debit and credit and normal balances State for each account whether it is likely to have…

A: As per the double-entry booking system of accounting, for each transaction, there are two effects or…

Q: Which of the following is true regarding 'Credit Balance' in ledger account? O a. All options are…

A: Option d is correct.

Q: Rules of debit and credit and normal balances State for each account whether it is likely to have…

A: As per the double-entry booking system of accounting, for each transaction, there are two effects or…

Q: The total debit account balances in the ledger must equal total credit account balances, this…

A: Double entry system of accounting means that in every transaction , for every debit there should be…

Q: 11.What is the normal balance in each of these accounts? (Use the following abbreviations to answer…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: The total credit equal to the total of debit in ledger account is called: O a. Credit balance O b.…

A: The ledger is prepared using journal entries.

Q: Rules of debit and credit and normal balances State for each account whether it is likely to have…

A: As per the double-entry booking system of accounting, for each transaction, there are two effects or…

Q: Which of the following is true regarding the exact trial balance total ?

A: Total Assets = Total liabilities + Owners capital (Equity). Total Assets = Current assets…

Q: The balance of an account is determined by a.adding all of the debits, adding all of the credits,…

A: "Hey, since there are multiple questions posted, we will answer the first question. If you want any…

Q: Indicate whether a debit or credit decreases the normal balance of each of the following accounts.…

A: Normal balance: Normal balance of an account refers to the heavier side of the account vis-à-vis the…

Q: Rules of debit and credit and normal balances State for each account whether it is likely to have…

A: As per the double-entry booking system of accounting, for each transaction, there are two effects or…

Q: Which of the following is true about T accounts? a.Transactions are first recorded in T accounts and…

A: Journal is the primary recording of any transaction which is entered in the financial accounting.…

Q: 1. When posting all transactions to the ledgers, the cash account will show a total amount in the…

A: Transaction- A business transaction is a monetary exchange of products or services. Purchase of…

Q: Directions: Complete the table by identifying whether the normal account balanc falls under debit or…

A: Normal balance is the balance that increases the balance of the account. Whereas, the opposite side…

Q: COMPLETION STATEMENTS 1.Notes and accounts receivable that result from sales transactions are…

A: "Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Debit and Credit Procedures A list of accounts for Montgomery Inc. appears below. Required: Complete…

A: Completion of the accounts in the table by classifying them with type of accounts, normal balance…

Q: Group

A: Incorrect Option are as follow.

Q: In the balance sheet, accounts Receivable, where did you get 489,555 from?

A: Accounts receivable is a current asset created in the business when an amount is to be received from…

Q: Identify the normal balance (debit or credit) for each of the following accounts. Office Supplies

A: Office supplies are the small items which are used in daily office task. Some example of office…

Q: Identify the normal balance (debit [Dr] or credit [Cr]) for each of the following accounts. Accounts…

Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

In 35 words or fewer, explain the difference between a debit and a credit, and explain what the normal balance of the six account types is.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Normal Account Balances Each account has a normal balance. For the following list of accounts, indicate whether the normal balance of each is a debit or a credit.
In Short, explain the difference between a debit and a credit, and explain what the normal balance of the six account types is.
What is the correcting entry for.. the collection of accounts receivable of $680 was recorded as a debit to Cash $680 and a credit to service revenue $680
Identify the normal balance for each of the following accounts. Choose Dr for Debit; Cr for Credit. Table 3.12
The debits and credits from four related transactions are presented in the following T accounts. Describe each transaction.
The following table summarizes the rules of debit and credit. For each of the items (a) through (l), indicate whether the proper answer is a debit or a credit.
Identify whether the following transactions would be recorded with a debit (Dr) or credit (Cr) entry. Indicate the normal balance of the account. Table 3.20
List the accounts names for the following transaction and determine which is a debit or credit: 1. Interest on notes payable should be accrued $300
The journal entry to record fees earned on account of $13,500 would include a debit to a.Cash for $13,500 and a credit to Accounts Receivable for $13,500. b.Fees Earned for $13,500 and a credit to Accounts Receivable for $13,500. c.Accounts Receivable for $13,500 and a credit to Fees Earned for $13,500. d.Cash for $13,500 and a credit to Fees Earned for $13,500.
For each account, identify whether the normal balance is a Debit(DR) or Credit (CR).
The left side of an account is used to record which of the following? Debit or credit, depending on the type of account Increases Credits Debits
The receipt of $8,400 for services rendered was recorded as a debit to Accounts Receivable and a credit to Fees Earned.