a. What is the normal balance for contra asset accounts, Debit or Credit? b. Amounts earned by a company in its main operating activities are known as 3 c. Relevance and faithful representation are the two primary qualities that make accounting information useful for decision making.True or false? d. The idea of consistency does not mean that companies cannot switch from one accounting method to another. True or False? Write journal entries which would correct these errors: a. Equipment bought in cash $7.060 was recorded in the books at $6.070 4 b. Machine bought in cash $900 was omitted from the books entirely c. Material purchased in cash $600 had been recorded in the material as $550, but the cash account was correctly written up. d. A bookkeeper accidentally posts an invoice for $50 to the Utility expense instead of the Material account