State for each account whether it is likely to have (a) debit entries only, (b) credit entries
Question:
State for each account whether it is likely to have (a) debit entries only, (b) credit entries only, or (c) both debit and credit entries. Also, indicate its normal balance.
1. Accounts Payable
2. Cash
3. Dividends
4. Miscellaneous Expense
5. Insurance Expense
6. Fees Earned
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1 Accounts Payable Credit entries only normal balance is a credit 2 Cash Both debit and credit entries normal balance is a debit 3 Dividends Credit en...View the full answer
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Related Book For
Corporate Financial Accounting
ISBN: 978-1133952411
12th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
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