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State for each account whether it is likely to have (a) debit entries only, (b) credit entries only, or (c) both debit and credit entries. Also indicate its normal balance. 1. Accounts Receivable 2. Commissions Earned 3. Heidi Schmidt, Capital 4. Rent Expense 5. Rent Revenue 6. Wages Payable

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Financial Accounting

15th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337272124

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Chapter
Section
BuyFindarrow_forward

Financial Accounting

15th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337272124
Chapter 2, Problem 1PEA
Textbook Problem
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State for each account whether it is likely to have (a) debit entries only, (b) credit entries only, or (c) both debit and credit entries. Also indicate its normal balance.

  1. 1. Accounts Receivable
  2. 2. Commissions Earned
  3. 3. Heidi Schmidt, Capital
  4. 4. Rent Expense
  5. 5. Rent Revenue
  6. 6. Wages Payable

1.

To determine

Determine whether each of the following account is likely to have (a) debit entries only, (b) credit entries only, or (c) both debit and credit entries, and also to indicate its normal balance.

Explanation of Solution

Normal balance: Normal balance refers to the excess of amount on one side, over the amount on the other side in an account. The excess amount of debit side over the credit side is shown as the normal debit balance. The excess amount of credit side over the debit side is shown as the normal credit balance.

Type of accountNormal balance
Asset accountDebit balance
Liability accountCredit balance
Expense accountDebit balance
Revenue accountCredit balance
Dividend accountDebit balance

Rules of Debit and Credit: Following rules are followed for debiting and crediting different accounts whil...

2.

To determine

Determine whether each of the following account is likely to have (a) debit entries only, (b) credit entries only, or (c) both debit and credit entries, and also to indicate its normal balance.

3.

To determine

Determine whether each of the following account is likely to have (a) debit entries only, (b) credit entries only, or (c) both debit and credit entries, and also to indicate its normal balance.

4.

To determine

Determine whether each of the following account is likely to have (a) debit entries only, (b) credit entries only, or (c) both debit and credit entries, and also to indicate its normal balance.

5.

To determine

Determine whether each of the following account is likely to have (a) debit entries only, (b) credit entries only, or (c) both debit and credit entries, and also to indicate its normal balance.

6.

To determine

Determine whether each of the following account is likely to have (a) debit entries only, (b) credit entries only, or (c) both debit and credit entries, and also to indicate its normal balance.

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Chapter 2 Solutions

Financial Accounting
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