Which of the Following Accounts Has a Debit Balance

Examples of Accounts with Debit Balances The following general ledger account classifications normally have debit balances. Which of the following accounts would normally have a debit balance.

Basics Of Accounting Chart Of Accounts General Journal General Led Chart Of Accounts Accounting Accounting Education

Multiple Choice Prepaid insurance Unearned service revenue Accounts payable Common Stock Prev 15 of 26 Next.

. Related Topic- Three Golden Rules of Accounting Credit Balance. Its normal balance is debit without regards to the amounts or number of entries on the debit side. Liabilities revenues and sales gains and owner equity and stockholders equity accounts normally have credit balances.

- All of the given accounts have credit balance. A common stock B account payable C account receivable D retained earnings E unearned service revenue. Stockholders equity is reduced by the amount in the dividends account.

Accounts that normally have a debit balance include assets expenses and losses. 13An account is said to have a debit balance if a. Whereas Freight in is the expense and have a debit expense.

Salaries payable deferred revenue delivery expense C. So if Credit Side Debit Side it is a credit balance. 2 MAY 30 Sonar Co is allowed to take discount of 1 if it makes payment by April 30.

Asset accounts Expense accounts Loss accounts Loss on Sale of Plant Asset Loss from Lawsuit etc Sole proprietors drawing account. A Prepaid expenses Wages payable Dividends. Which of the following accounts has a debit balance.

Which of the following accounts normally has a debit balance. Accounts Payable Service Revenue Common Stock. Cash repairs and maintenance expense dividends.

Course Title ACCT 2201. Accounts payable service revenue common stock B. Income tax payable service revenue dividends D.

If accounts payable has debit postings of 17000 credit posting of 14000 and a normal ending balance of 6000 what was. There are more entries on the debit side than on the credit side. 2 MAY 30 - Sonar Co is allowed to take discount of 1 if it makes payment by April 30.

Which of the following accounts would normally have a debit balance. The first entry of the accounting period was posted on the. Revenues liabilities and stockholders equity.

Answer verified by Toppr Upvote 0. If sonar co chooses not to take any discount it should make the payment after the maturity date ie any date after May 15. Dividends liabilities and assets.

C Utilities expense Prepaid expenses Wages payable. Liabilities stockholders equity and revenues. All of the given accounts have credit balance.

- if sonar co chooses not to take any discount it should make the payment after the maturity date ie any date after May 15. Which of the following accounts has a normal debit balance. The entry would include a debit to Accounts Payable.

Stockholders equity and assets. Which of the following accounts normally has a debit balancea. Which of the following accounts has a debit balance A Accounts Payable B.

When the credit side is greater than the debit side the difference is called Credit Balance. D Cash Utilities expense Accounts receivable. No journal entry would be made.

The amount of the debits exceeds the amount of the credits. Accounting questions and answers 1. All of the following accounts have normal credit balances EXCEPT a.

Examples of these accounts are the cash accounts receivable prepaid expenses fixed assets asset account wages expense and loss on sale of assets loss account. Above example shows the debit balance in the cash account By Balance cd which is shown on the credit side. Assets expenses losses and the owners drawing account will normally have debit balances.

Which of the following groups of accounts have a normal debit balance. Whereas Freight in is the expense and have a debit expense. Accounting questions and answers.

Which of the following accounts has a debit balance a. Pages 40 Ratings 79 58 46 out of 58 people found this document helpful. Solution Verified by Toppr Correct option is A Assets expenses losses and the owners drawing account will normally have debit balances.

Which of the accounts are increased with a debit and decreased with a credit. If Accounts Receivable has debit postings of 29000 credit postings of 22000 and a normal ending balance of 24000 which of the following was its beginning balance. School Baruch College CUNY.

110 Which of the following accounts normally have a debit balance. Liabilities revenues and sales gains and owner equity and stockholders equity accounts normally have credit balances. Their balances will increase with a debit entry and will decrease with a credit entry.

All of the following accounts have normal debit balances EXCEPT a. Liabilities and stockholders equity. Salaries Payable Unearned Revenue Utilities Expense.

Cash Delivery expense Dividends. Fundamentals of Financial Accounting 2nd Edition Edit edition Solutions for Chapter 3 Problem 2MC. Income Tax Payable Service Revenue Dividends.

A debit balance is an account balance where there is a positive balance in the left side of the account. Their balances will increase with a debit entry and will decrease with a credit entry. B Retained earnings Cost of goods sold Wages expense.

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