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    Identify normal debit & credit balances to list of accounts

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    Indicate whether each of the following accounts normally has a debit or cresit balance.

    a. common stock
    b. retained earnings
    c. certificate of deposit
    d. interest expense
    e. accounts receivable
    f. interest revenue
    g. insurance expense
    h. interest payable
    i. cash
    j. dividends
    k. unearned revenue
    l. operating expense
    m. accumulated depreciation
    n. accounts payable
    o. office equipment
    p. depreciation expense
    q. service revenue
    r. notes payable
    s. notes receivable
    t. supplies
    u. utilities payable
    v. consulting revenue
    w. interest receivable
    x. supplies expense
    y. salaries expense
    z. equipment
    aa. salaries payable
    bb. land
    cc. prepaid insurance

    © BrainMass Inc. brainmass.com October 3, 2022, 11:34 pm ad1c9bdddf
    https://brainmass.com/business/accounts-receivable-management/identify-normal-debit-credit-balances-to-list-of-accounts-264587

    Solution Preview

    First the rules:

    Assets have normal debit balances
    Liabilities have normal credit balances
    Equity accounts have normal credit balances
    Revenue accounts have normal credit balances
    Expense accounts have normal debit balances

    a. common stock Equity accounts have normal credit balances
    b. retained earnings Equity accounts have normal credit balances
    c. certificate of deposit Assets have normal debit balances
    d. interest expense Expense accounts have normal debit balances
    e. accounts receivable Assets have normal ...

    Solution Summary

    For 29 different accounts commonly used in business, the solution identifes the normal balance of each account.

    $2.49

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