Rules of Debit and Credit and Normal Balances State for each account whether it is likely to have debit entries only, credit entries only, or both debit and credit entries. Also, indicate its normal balance. Typical Entries Normal Balance 1. Accounts Payable 2. Cash 3. Dividends 4. Miscellaneous Expense 5. Insurance Expense 6. Fees Earned
Rules of Debit and Credit and Normal Balances State for each account whether it is likely to have debit entries only, credit entries only, or both debit and credit entries. Also, indicate its normal balance. Typical Entries Normal Balance 1. Accounts Payable 2. Cash 3. Dividends 4. Miscellaneous Expense 5. Insurance Expense 6. Fees Earned
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter2: Analyzing Transactions
Section: Chapter Questions
Problem 4E: Rules of debit and credit The following table summarizes the rules of debit and credit. For each of...
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Rules of Debit and Credit and Normal Balances
State for each account whether it is likely to have debit entries only, credit entries only, or both debit and credit entries. Also, indicate its normal balance.
Typical Entries | Normal Balance | |
1. Accounts Payable | ||
2. Cash | ||
3. Dividends | ||
4. Miscellaneous Expense | ||
5. Insurance Expense | ||
6. Fees Earned |
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