Identify the normal balance and type of account for the following. In identifying the normal balance, use
Question:
Identify the normal balance and type of account for the following. In identifying the normal balance, use “Dr” for debit or “Cr” for credit. The first one is done as an example.
Transcribed Image Text:
ACCOUNT NAME Accounts Receivable Sales Tax Payable Sales Sales Returns and Allowances Sales Discounts Credit Card Expense NORMAL BALANCE Dr TYPE OF ACCOUNT Asset
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 43% (16 reviews)
Accounts Receivable Dr Current Asset S...View the full answer
Answered By
Hande Dereli
Enthusiastic tutor, skilled in ACT and SAT tutoring. Raised one student's score on the SATs from 1100 combined to 1400. Graduated with a 3.9 GPA from Davidson College and led a popular peer tutoring group for three years. Scored in the top 0.06% in the nation on the SATs. The real reason I'm the one to help you nail the test? Results. Clients invariably praise my ability to listen and communicate in a low-stress, fun way. I think it's that great interaction that lets me raise retest SAT scores an average of 300 points.
0.00
0 Reviews
10+ Question Solved
Related Book For
College Accounting A Contemporary Approach
ISBN: 9781260780352
5th Edition
Authors: David Haddock, John Price, Michael Farina
Question Posted:
Students also viewed these Business questions
-
1. During the first half of the course you have created project deliverables for your organizations software acquisition of a CRM package. a. What have you learned thus far do as a project manager...
-
Identify the normal balance of the following accounts. Use dr for debit or cr for credit. Sales Sales Returns and Allowances Sales Discounts Credit Card Expense Sales Tax Payable
-
For each transaction described, identify which component of the accounting equation increases and/or decreases. The first one is done as an example. Services were performed for a client on credit. a....
-
Shock Electronics sells portable heaters for $35 per unit, and the variable cost to produce them is $22. Mr. Amps estimates that the fixed costs are $97,500. a. Compute the break-even point in units....
-
What is loading?
-
Calculate control limits for the data of Exercise 8 using the robust procedure presented in this section. Data of Exercise 8 e -22 9 7 3 3 5 2 3 4 99242238 6583 1111212 27 .5 3 6 4 5 5 9 5 9 3 3 5 4...
-
Life expectancy of Oscar winners. Does winning an Academy of Motion Picture Arts and Sciences award lead to long-term mortality for movie actors? In an article in the Annals of Internal Medicine (May...
-
Select the best answer for each of the following: 1. Johnson joined other creditors of Alpha Company in a composition agreement seeking to avoid the necessity of a bankruptcy proceeding against...
-
Complete this question by entering your answers in the tabs below. A company reported average total assets of $245,000 in Year 1 and $296,000 in Year 2. Its net operating cash flow was $17,575 in...
-
William Gail opened his automobile cleaning service G-Force Auto Detailing, specializing in interior cleaning of automobiles. The end-of-year unadjusted trial balance contained the following accounts...
-
Cozy Kitchens began operations March 1, 20X1. The firm sells its merchandise for cash and on open account. Sales are subject to a 6 percent sales tax. The terms for all sales on credit are net 30....
-
Assume that you are the chief accountant for Elis Consulting Services. During January, the business will use the same types of records and procedures that you learned about in Chapters 1 through 6....
-
1. What do you think Telefexs specific theory of infringement was? 2. Which element of patentability does KSR claim Teleflex is missing in the combined device?
-
Why is it critical to immediately contact your Engagement Partner when you suspect or identify non-compliance? He or she will ensure that the non-compliance doesn't affect the Client's reputation He...
-
Question 9: Determine the current and its direction, in each resistor, for the circuit shown below. Show your calculations. R=152 9.0 V + 12V ww R=75 2 R3= 50
-
how can The High - Tech Way To Recycle Clothes sustainable. and what they offer and what are their ecofriendly
-
James Bondbuyer purchases a Treasury bond on Monday, May 2, regular way settlement. The bond pays interest on January 15 and July 15. How many days of accrued interest will be owed to the seller? A...
-
Aviation and air traffic control have come a long way in the last 100-years. Some believethat we have reached a plateau and that growth in aviation will stop. Aviation may go the way of the railroads...
-
Evaluate the binomial coefficient. 8! 5!3!
-
A firm offers two products for sale. The marginal cost of one product is new zero once the first unit has been produced. The marginal cost of the other product rises as output rises. What would be...
-
A corporation has paid estimated income taxes of $50,000 during the year 20X1. At the end of the year, the corporations tax bill is computed to be $52,000. Give the general journal entry to adjust...
-
Selected transactions of Oceanic Corporation during 20X1 follow. Record them in the general journal. Analyze: What annual per share dividend was paid to common stockholders in 20X1? DATE Mar. 15 15...
-
Selected transactions of Orange Corporation during 20X1 are given below. Record them in the general journal. Analyze: If the dividends declared on October 30 were to be paid on January 15, what...
-
Callaho Inc. began operations on January 1 , 2 0 1 8 . Its adjusted trial balance at December 3 1 , 2 0 1 9 and 2 0 2 0 is shown below. Other information regarding Callaho Inc. and its activities...
-
Required: 1. Complete the following: a. Colnpute the unit product cost under absorption costing. b. What is the company's absorption costing net operating income (loss) for the quarter? c. Reconcile...
-
Bond Valuation with Semiannual Payments Renfro Rentals has issued bonds that have an 8% coupon rate, payable semiannually. The bonds mature in 6 years, have a face value of $1,000, and a yield to...
Study smarter with the SolutionInn App