Rules of Debit and Credit and Normal Balances State for each account whether it is likely to have debit entries only, credit entries only, or both debit and credit entries. Also, indicate its normal balance. Typical Entries Normal Balance 1. Accounts Payable 2. Cash 3. Dividends 4. Miscellaneous Expense 5. Insurance Expense 6. Fees Earned
Rules of Debit and Credit and Normal Balances State for each account whether it is likely to have debit entries only, credit entries only, or both debit and credit entries. Also, indicate its normal balance. Typical Entries Normal Balance 1. Accounts Payable 2. Cash 3. Dividends 4. Miscellaneous Expense 5. Insurance Expense 6. Fees Earned
Chapter3: Analyzing And Recording Transactions
Section: Chapter Questions
Problem 14EA: Determine whether the balance in each of the following accounts increases with a debit or a credit....
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Rules of Debit and Credit and Normal Balances
State for each account whether it is likely to have debit entries only, credit entries only, or both debit and credit entries. Also, indicate its normal balance.
Typical Entries | Normal Balance | |
1. Accounts Payable | ||
2. Cash | ||
3. Dividends | ||
4. Miscellaneous Expense | ||
5. Insurance Expense | ||
6. Fees Earned |
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