ndicate the normal balance and category of each of the following accounts: CATEGORy options ARE: asset, contra-expense, contra-revenue, expense, liability, revenue. Account Normal Balance Category a. Sales Returns and Allowances b. Merchandise Inventory c. Miscellaneous Income d. Payroll Tax Expense e. Sales Discounts f. Cost of Goods Sold g. Income Tax Payable h. Prepaid Expenses
ndicate the normal balance and category of each of the following accounts: CATEGORy options ARE: asset, contra-expense, contra-revenue, expense, liability, revenue. Account Normal Balance Category a. Sales Returns and Allowances b. Merchandise Inventory c. Miscellaneous Income d. Payroll Tax Expense e. Sales Discounts f. Cost of Goods Sold g. Income Tax Payable h. Prepaid Expenses
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter10: Cash Receipts And Cash Payments
Section: Chapter Questions
Problem 1DQ: What is the normal balance for each of the following accounts: (a) Purchases? (b) Sales Discounts?...
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Question
Indicate the normal balance and category of each of the following accounts:
CATEGORy options ARE: asset, contra-expense, contra-revenue, expense, liability, revenue.
|
Account
|
Normal Balance
|
Category
|
---|---|---|---|
a.
|
Sales Returns and Allowances
|
|
|
b.
|
Merchandise Inventory
|
|
|
c.
|
Miscellaneous Income
|
|
|
d.
|
Payroll Tax Expense
|
|
|
e.
|
Sales Discounts
|
|
|
f.
|
Cost of Goods Sold
|
|
|
g.
|
Income Tax Payable
|
|
|
h.
|
Prepaid Expenses
|
|
|
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