State the debit and credit rules of:1) Balance Sheet2) Income Statement3) Owners Withdrawal

The Question has covered the concept of Normal balance of accounts The Normal balances of Accounts…

Answered: State the debit and credit rules of: 1)…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 39MC: Which of these accounts commonly requires both debit and credit entries? A. Sales Revenue B....

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Similar questions

Identify the financial statement on which each of the following accounts would appear: the income statement (IS), the retained earnings statement (RE), or the Balance Sheet (BS). A. Insurance Expense B. Accounts Receivable C. Office Supplies D. Sales Revenue E. Common Stock F. Notes Payable
Which of the following pairs of accounts are impacted the same with debits and credits? A. Cash and Unearned Service Revenue B. Electricity Expense and Office Supplies C. Accounts Receivable and Accounts Payable D. Buildings and Common Stock
Which set of accounts has the same type of normal balance? A. Cash, accounts payable B. Prepaid rent, unearned service revenue C. Dividends, common stock D. Accounts payable, retained earnings
For the following accounts indicate whether the normal balance is a debit or a credit. A. Unearned Revenue B. Interest Expense C. Rent Expense D. Rent Revenue E. Accounts Payable F. Cash G. Supplies H. Accounts Payable I. Equipment J. Utilities Expense
For the following accounts please indicate whether the normal balance is a debit or a credit. A. Sales B. Dividends C. Office Supplies D. Retained Earnings E. Accounts Receivable F. Prepaid Rent G. Prepaid Insurance H. Wages Payable I. Building J. Wages Expense
Which of these accounts commonly requires both debit and credit entries? A. Sales Revenue B. Utilities Expense C. Accounts Receivable D. Common Stock
Consider the following accounts, and determine if the account is an asset (A), a liability (L), or equity (E). A. Accounts Payable B. Cash C. Dividends D. Notes Payable
Identify the financial statement on which each of the following account categories would appear: the balance sheet (BS), the income statement (IS), or the retained earnings statement (RE). Indicate the normal balance (Dr for debit; Cr for credit) for each account category. Table 3.16
State whether the balance in each of the following accounts increases with a debit or a credit. A. Office Supplies B. Retained Earnings C. Salaries Expense D. Accounts Receivable E. Service Revenue
Which of the following is the correct order of preparing the financial statements? A. income statement, statement of cash flows, balance sheet, statement of owners equity B. income statement, statement of owners equity, balance sheet, statement of cash flows C. income statement, balance sheet, statement of owners equity, statement of cash flows D. income statement, balance sheet, statement of cash flows, statement of owners equity
On which financial statement would the Supplies account appear? A. Balance Sheet B. Income Statement C. Retained Earnings Statement D. Statement of Cash Flows
Which of the following accounts will normally have a debit balance? A. Common Stock B. Fees Earned C. Supplies D. Accounts Payable

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State the debit and credit rules of: 1) Balance Sheet 2) Income Statement 3) Owners Withdrawal