7. A credit is not the normal balance for which account listed below? a. Common Stock account b. Revenue account c. Liability account d. Dividends account A) 8. Purrfect Pets, Inc. makes a $10,000 payment on account. This would result in a: $10,000 credit to Cash and a $10,000 credit to Accounts Payable. $10,000 debit to Cash and a $10,000 debit to Accounts Payable. $10,000 debit to Accounts Payable and a $10,000 credit to Cash. $10,000 debit to Cash and a $10,000 credit to Accounts Payable. 9. In a classified balance sheet, assets and liabilities are classified according to whether they are current or noncurrent. Which of the following statements is not correct about current assets? A) They will be acquired within one year. B) They will be converted to cash within one year. They will be sold within one year. They will be used up within one year. D) 10. Which of the following would not be classified as a current asset? Cash Accounts Payable Supplies Inventory