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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
Financial Accounting
Solutions
Financial Accounting
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
1.
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 account | Normal balance |
| Asset account | Debit balance |
| Liability account | Credit balance |
| Expense account | Debit balance |
| Revenue account | Credit balance |
| Dividend account | Debit balance |
Rules of Debit and Credit: Following rules are followed for debiting and crediting different accounts whil...
2.
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.
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.
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.
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.
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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