Asked by nohamin tekele on May 28, 2024
Verified
Identify the normal balance for each of the following accounts by placing a Dr. (debit) or a Cr. (credit) in the space provided.
________ 1. Truck
________ 2. B. James, Withdrawals
________ 3. B. James, Capital
________ 4. Accounting Fees Earned
________ 5. Cash
________ 6. Accounts Receivable
________ 7. Accounts Payable
________ 8. Rent Expense
________ 9. Office Equipment
________ 10. Supplies
Account
A record summarizing all the transactions pertaining to a specific item in the financial statements.
Withdrawals
Money or other assets taken out from a business by its owner(s) for personal use.
Accounts Receivable
The financial claim a company holds against its customers for sales made on credit, indicating future cash inflows.
- Identify the normal balances (debit or credit) for various accounts.
Verified Answer
DW
davin williamsJun 01, 2024
Final Answer :
1. Dr.
2. Dr.
3. Cr.
4. Cr.
5. Dr.
6. Dr.
7. Cr.
8. Dr.
9. Dr.
10. Dr.
2. Dr.
3. Cr.
4. Cr.
5. Dr.
6. Dr.
7. Cr.
8. Dr.
9. Dr.
10. Dr.
Learning Objectives
- Identify the normal balances (debit or credit) for various accounts.