Question A & B

A. Put an "X" in the appropriate box to indicate if the normal balance of an account is a debit or a credit balance. NORMAL BALANCE NORMAL BALANCE IS A DEBIT IS A CREDIT ACCOUNTS Land Service Revenue Bank overdraft Utilities Expense Capital [5 marks] B. Prepare the journal entries to record the following transactions. 1. Purchased $500,000 of inventory on account. 2. Sales on account were $840,000. 3. Closed out beginning inventory of $1 10,000. Date Account Debit Credit [5 marks]