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Description: Which of the following accounts has a normal debit balance?a.Accounts Payableb.Salesc.Interest Revenued.Merchandise Inventory

Business

Accounting

Which of the following accounts has a normal debit balance? a.Accounts Payable b.Sales c.Interest Revenue d.Merchandise Inventory

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 24MC: Which of the following accounts are used when recording a purchase using a periodic inventory...

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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

Which of the following accounts has a normal debit balance?

a.Accounts Payable

b.Sales

c.Interest Revenue

d.Merchandise Inventory

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