Identify the normal balance (debit or credit) for each of the following accounts. a. Fees Earned (Revenues) b. Office Supplies c. Owner, Withdrawals d. Wages Expense e. Accounts Receivable f. Prepaid Rent g. Wages Payable h. Building i. Owner, Capital

Identify the normal balance (debit or credit) for each of the following accounts. a. Fees Earned (Revenues) b. Office Supplies c. Owner, Withdrawals d. Wages Expense e. Accounts Receivable f. Prepaid Rent g. Wages Payable h. Building i. Owner, Capital

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter3: The Double-entry Framework

Section: Chapter Questions

Problem 4SEB: NORMAL BALANCE OF ACCOUNT Indicate the normal balance (debit or credit) for each of the following...

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

Identify the normal balance (debit or credit) for each of the following accounts.
a. Fees Earned (Revenues)
b. Office Supplies
c. Owner, Withdrawals
d. Wages Expense
e. Accounts Receivable
f. Prepaid Rent
g. Wages Payable
h. Building
i. Owner, Capital

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