Answered: For the following accounts please…

For the following accounts please indicate whether the normal balance is a debit or a credit. Wages Payable [ Select ] [ Select] Debit Building (Sele Credit Wages Expense [ Select]

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter3: Processing Accounting Information

Section: Chapter Questions

Problem 3.6E: Normal Account Balances Each account has a normal balance. For the following list of accounts,...

See similar textbooks

Related questions

Q: Journal entry to record salaries will include:(a) Debit salaries Credit cash.(b) Debit capital…

A: Journal Entry: A journal entry is the act of keeping or making records of any transactions. The…

Q: Identify the normal balance (debit [Dr] or credit [Cr]) for each of the following accounts:…

A: Interest Payable: Interest payable is the amount of interest on its debt and capital leases that a…

Q: Classify the accounts as either an asset (A), liability (L), or equity (EQ) account. Wages Payable

A: “As only one item is given in the question, it is assumed this particular answer is asked by the…

Q: The accounts of customers who have not yet made payment for the goods or services are called: O a.…

A: Accounting indicates to a system which helps the corporation in identifying the daily…

Q: Identify the normal balance (debit [Dr] or credit [Cr]) for each of the following accounts.…

A: There were three types of accounts that were involved in recording the journal entries. They are…

Q: For the following accounts please indicate whether the normal balance is a debit or a credit.

A: Normal balance: Normal balance refers to the excess of amount on one side, over the amount on the…

Q: Indicate whether a debit or credit decreases the normal balance of each of the following accounts.…

A: Normal balance: Normal balance refers to the excess of amount on one side, over the amount on the…

Q: Give what is required, For the Classification: (Classify the account if it is current/noncurrent…

A: The different accounts in the business are classified as asset, liabilities, revenue, expenses and…

Q: Which of the following is an amount for products or services purchased on account? A)accounts…

A: Account payable is the account related to products or services purchased on account. Unearned…

Q: T Account Form Debit Credit Footing Normal Balance Rent Expense Debit Credit Accounts Payable Debit…

A: T Account Form: It is a template that helps us to organize and balance the transactions or journal…

Q: The following are the account titles used by ABM Co.: ABM, Capital ABM, Drawing Loan Payable…

A: Charts of accounts can be defined as the list of all the financial accounts that is recorded under…

Q: (a) On March 1, journalize the entry to record the write-off, assuming that the direct write-off…

A: Journal: It is a systematic record of a financial transaction recorded in a chronological order.

Q: Which item will appear on the credit side of the ledger account? a. Salary b. Drawings c. Service…

A: All expenses, losses, and assets should be debited and all revenue, income, gain, and liabilities…

Q: Rules of debit and credit and normal balancesState for each account whether it is likely to have (a)…

A: The process by which financial transactions of the business are recorded and communicated with the…

Q: Which of the following accounts is a temporary account? Multiple Choice Accounts receivable.…

A: Temporary accounts are written off in the income statement and not visible in the balance sheet.…

Q: Analyze the statement given then choose if the effect on account will Increase or Decrease it.…

A: The accounting equation is the basic principle of accounting that is used to prepare a balance…

Q: Identify the normal balance (debit [Dr] or credit [Cr]) for each of the following accounts. Prepaid…

A: An account is an outline of business transaction in respect of person, their representative and…

Q: Identify the normal balance (debit [Dr] or credit [Cr]) for each of the following accounts. Unearned…

A: Unearned revenue: The revenue which is received in advance by the company for the services or goods…

Q: Extending Adjusted Balances to the Income Statement and Balance Sheet Columns Select whether each…

Q: Indicate in the space provided by each item whether it would appear on the income statement (IS),…

A: Introduction: Balance sheet: All assets and liabilities are shown in Balance sheet. It tells the net…

Q: Which one of the following account groups normally has a credit balance? O A. assets and liabilities…

A: 1.Assets - It includes:- Current assets long term investments fixed assets intangible assets other…

Q: Identify the normal balance (debit [Dr] or credit [Cr]) for each of the following accounts. Prepaid…

A: All assets, expenses accounts normally have debit balance, all liabiliies, revenue, capital accounts…

Q: Identify the normal balance (debit [Dr] or credit [Cr]) for each of the following accounts. Land

Q: Two Part Question Here:Question 1: Please tell me what type of account are the following and if…

A: Step1: All accounting items have normal balances which is either debit balance or credit balance and…

Q: A debit side entry must have a corresponding credit side entry. The normal balance of an account…

A: Solution Debit and credit are used in company bookkeeping in order for its books to balance.

Q: For each account, indicate whether it appears in the general ledger or the subsidiary ledger Prepaid…

A: We have to indicate whether Prepaid Rent appears in general ledger of subsidiary ledger.

Q: Indicate whether a debit or credit decreases the normal balance of each of the following accounts.…

A: As per the three golden rules of accounting a) In case of real accounts-We need to debit what comes…

Q: Which of the following is true about accounts payable? Accounts payable are also called trade…

Q: The total credit equal to the total of debit in ledger account is called: O a. Credit balance O b.…

A: The ledger is prepared using journal entries.

Q: Data for an adjusti entry described as " accured wages ,$2,020 " requires a A. Debit to wages…

A: Debit Credit Wages Expense (Expense…

Q: Rules of debit and credit and normal balances State for each account whether it is likely to have…

A: As per the double-entry booking system of accounting, for each transaction, there are two effects or…

Q: a. What is the difference between permanent and temporary accounts? b. Calculate ROA from the…

A: Permanent Accounts : Cash Account, Equipment account, share capital and Retained earnings account…

Q: The left side of an account is used to record which of the following? Debit or credit, depending on…

A: The correct answer is option (d). The left side of an account is used to record the debits as per…

Q: Debit and Credit Procedures A list of accounts for Montgomery Inc. appears below. Required: Complete…

A: Completion of the accounts in the table by classifying them with type of accounts, normal balance…

Q: Indicate whether a debit or credit decreases the normal balance of each of the following accounts.…

A: Accounts payable can be defined as the current liability whose amount payment is the obligation of…

Q: What is the normal balance of accounts payable? Group of answer choices debit either debit or credit…

A: Solution: Accounts payable are liabilities due to purchase of merchandise or services on account.…

Q: The following are the account titles used by ABM Co.: АВМ, Саapital ABM, Drawing Accrued Interest…

A: Chart of accounts is a list or table of accounts with 3-4 column in which each ledger account is…

Q: A credit balance on accruals account indicates?

Q: Which of the following accounts is a temporary account: a. Salaries expense. b. Accounts receivable.…

A: The temporary accounts are closed at the end of an accounting period.

Q: Identify the normal balance (debit [Dr] or credit [Cr]) for each of the following accounts. Interest…

A: Interest payable: It can be defined as the charges that are owed by the borrower to the lender.

Q: Identify the normal balance (debit or credit) for each of the following accounts. Nomal Ending…

A: Note: generall all the asseta nd expenses have the debit balances and all the income and liabilities…

Q: employer payto Chart of Accounts Notes: • Enter the transaction date on the first line only of…

A: Debit the receiver, credit the giver. Debit what comes in, credit what goes out. Debit all expenses…

Q: State for each account whether it is likely to have (a) debit entries only, (b) credit entries only,…

A: Debit and credit: Recording of a transaction under debit side is debit and recording under credit…

Question

For the following accounts please indicate whether the normal balance is a debit or a credit.
Wages Payable [ Select ]
[ Select ]
Debit
Building [Sele Credit
Wages Expense [ Select]

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

INTRODUCTION

VIEW

ANSWER

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

Normal Account Balances Each account has a normal balance. For the following list of accounts, indicate whether the normal balance of each is a debit or a credit.
Explain what is meant by the term nominal accounts (also known as temporary accounts).
Which item will appear on the credit side of the ledger account? a. Salary b. Drawings c. Service revenue d. Accounts receivable
Identify the normal balance (debit [Dr] or credit [Cr]) for each of the following accounts: __________ Note Receivable. _______ Accounts Payable.
Identify the normal balance (debit [Dr] or credit [Cr]) for each of the following accounts. Interest Payable
Which of the following accounts has a normal credit balance? a. Accounts Receivable b. Yura Wun, Capital X c. Supplies Expense d. Copyrights
Indicate whether each statement best describes the allowance (A) method or the direct write-off (DW)method. Accounts receivable on the balance sheet is reported at net realizable value.
Classify each of the following accounts as either an asset (A), liability (L), or equity (EQ) account: _________ Note Receivable. __________ Accounts Payable.
The total credit equal to the total of debit in ledger account is called: O a. Credit balance O b. Negative balance O C. No balance O d. Positive balance
Preparing a balance sheet, allowance for uncollectible accounts goes under what heading?
Which of the following best describes the classification and normal balance of the accounts receivable account? Select one: a. Asset, Debit b. Liability, credit c. Revenue, credit d. Owner's equity, debit
(a) Received $12,000 from Katie Long, owner. Purchased equipment for $25,000, paying $10,000 in cash (b) and giving a note payable for the remainder. (c) Paid $1,800 for rent for April (d) Purchased $9,800 of supplies on account. (e) Recorded $2,250 of fees earned on account. (f) Received $9,000 in cash for fees eamed (g) Paid $300 to creditors on account Paid wages of $1,650 (h) Received $1,190 from customers on account. (i) ()Recorded owner's withdrawal of $2,350