Liabilities, revenue, and owner's capital accounts normally have credit balances. a. Weegy: Office Supplies had a normal starting balance of $75. It’s a basic principle whereby Assets = Liabilities + Owner’s Equity (A=L+OE). Asset, expense, and owner's drawing accounts normally have debit balances. The Accounting Equation determines whether an account increases with a d… They would all have positive balances normally. In contrast, accounts that normally have a debit balance include the asset, loss, contra-liability, owner's drawing, dividend and expense accounts. A) Cash. Which of the following statements is incorrect? The basic accounting equationcan be stated as follows: Debit simply means on the left side of the equation, whereas credit means on the right hand side of the equation as summarized in the table below. The accounts that have a normal credit balance include contra-asset, liability, gain, revenue, owner's equity and stockholders' equity accounts. D. The normal balance of an expense account is a credit. answered Sep 9 … which of the following groups of accounts have a normal debit balance? E. The normal balance of the owner's capital account is a credit. Expense accounts have a normal debit balance and do not have a normal credit balance. B. D. accounts receivable. ~Your answer is correct. which of the following accounts ordinarily appears in the post-closing trial balance? O Sales Discounts O Sales Revenue O Cost of Goods Sold O Sales Returns and… Accounts with a normal credit balance get increased when a credit entry has been made. d. accounting. Account Payable. 9 years ago. That means liabilities have a credit balance while expenses have a debit balance. The debit columns report assets and expenditures side while sales, stockholder equity, and the liability side are reported in the credit column. Which of the following statements is (are) true about accounts receivables? 0 votes. Creditors account. Sales Returns and Allowances. Rent income account. which of the following accounts has a normal credit balance? Which of the following accounts has a normal credit balance? a.All accounts have a normal debit balance. In accounting, when one account gets a credit, another gets a debit, so there is a balance in the accounting equation. A. Which of the following accounts is increased by a credit? C. Accounts receivable. There were debit postings of $80 and credit postings of $60 during the month. Question: Which of the following accounts has a normal credit balance? Which of the following is true regarding normal balances of accounts? (Check all that apply.) • Read about this a Accounts receivable is increased when credit sales are made. The normal balance of an expense account is a credit. The U.S. Supreme Court: Who Are the Nine Justices on the Bench Today? Lv 7. Chase checking- Cash. b. A. office equipment. Which one of the following best accounts for this phenomenon ? Which one of the following account would usually have a debit balance? Liabilities, revenue, and owner's capital accounts normally have credit balances. Cash. C) Accounts Payable. A. C. The normal balance of unearned revenues is a credit. Wrong! asked Oct 2, 2016 in Business by Hardwell. Which of the following account with normal balance is shown at the debit side of a trial balance? b.Accounts that have a normal debit balance will only have debit entries, never credit entries. C. Accounts payable normally has a credit balance. A) Accounts Receivable. a. The correct answer is option B) Cost of Goods Sold.. Option A is incorrect. 15. Which of the following applications of the rules of debit and credit is true? hlvsmily|Points 22| Their balances will decrease when they debited. a Accounts receivable is increased with a debit. As expenses are paid, expense accounts get credited. B. 5 … Which of the following accounts normally has credit balance? A) Cash B) Notes receivable C) Wage expense D) Unearned revenue. to help locate errors. The accounts that have a normal credit balance include contra-asset liability gain revenue owner's equity and stockholders' equity accounts . which of the following accounts has a normal credit balance? Accounts Receivable Sales Merchandise Inventory Delivery Expense Generally, the revenue account for a merchandising business is entitled sales Fee Earned Gross Sales Gross Profit Distinguish between fixed capital and fluctuating capital account on the basis of credit balance. Toddacanda. C 5 Which of the following shows a chronological record of all transactions? Accounts receivable reflects the amount of money still owed by customers. A credit balance is normal and expected for the following accounts: Liability accounts such as Accounts Payable, Notes Payable, Wages Payable, Interest Payable, Income Taxes Payable, Customer Deposits, Deferred Income Taxes, etc. Solution for Question 13 Which of the following accounts has a normal credit balance? A credit may signify a(n): a. decrease in assets b. decrease in liabilities c. decrease in capital stock d. decrease in revenue 16. It increases when it is credited, and decreases when debited. B) Accounts Receivable. c. Sales Salaries Payable. Capital accounts normally have CREDIT balances. Payables are … A COVID-19 Prophecy: Did Nostradamus Have a Prediction About This Apocalyptic Year. Which of the following accounts normally has a credit balance? Answer Save. Correct! You would not expect to find a credit balance in any of the above accounts. Liabilities, revenues and sales, gains, and owner equity and stockholders' equity accounts normally have credit balances. 1) Which of the following accounts has a normal credit balance? 2) Classic Floors has the following inventory data: July 1 Beginning inventory 15 units at $8.00. Accounts payable b. Unearned consulting revenue c. Common stock d. Prepaid Insurance. Lv 5. In contrast accounts that normally have a debit balance include the asset loss contra-liability owner's drawing dividend and expense accounts. revenues and liabilities. Cost of Goods Sold . which of the following accounts will give you the least access to your money? Which of the following accounts has a normal credit balance? asked Sep 4 in Business by Bundelas. which of the statements below is not a purpose for the journal? Which of the following accounts has a normal credit balance? Cash. Relevance. A normal balance is the expectation that a particular type of account will have either a debit or a credit balance based on its classification within the chart of accounts.It is possible for an account expected to have a normal balance as a debit to actually have a credit balance, and vice versa, but these situations should be in the minority. The normal balance of accounts receivable is a debit. O Doubtful Accounts Expense Accrued Income Cash Accumulated Amortization A) Sales Returns and Allowances B) Sales Discounts C) Sales Revenue D) Selling Expense Explore answers and all related questions answered Oct 2, 2016 by Carmen . Explore answers and all … Furthermore, an expense account may have a credit balance if the company makes a reversing entry to carry it to a new accounting period. D. Utilities expense. Cash is an asset. d. Owner, Withdrawals. The Accounting Equation is considered to be the foundation of double-entry bookkeeping. 13073 Questions; 12088 Tutorials; 96% (250 ratings) Feedback Score View Profile. C. Unearned income … In contrast, accounts that normally have a debit balance include the asset, loss, contra-liability, owner's drawing, dividend and expense accounts. D 8 D) Retained Earnings. Office Equipment. 2 Answers. (a) An asset (b) An expense (c) Drawing (d) Revenue. Please log inor registerto add a comment. Answer and Explanation: Answer: d. Expense. 2. C) Dividends. D) Salaries Expense. which of the following types of accounts have a normal credit balance? 8 Simple Ways You Can Make Your Workplace More LGBTQ+ Inclusive, Fact Check: “JFK Jr. Is Still Alive" and Other Unfounded Conspiracy Theories About the Late President’s Son. 0 0. which of the following actions has no impact on your credit score? The seller has legal title to the goods until they are delivered B. Accountants generally utilize the double-entry method of bookkeeping which means that every business transaction should have at least two corresponding journal entries: a debit and a credit. Hence, a credit balance in Accounts Payable indicates the amount owed to … (a) Wages Outstanding (b) Motor vehicles (c) Prepaid Rent (d) Return Inwards. c. The normal balance of the owner's capital account is a credit. If there were to be an overpayment, then the expense accounts could have a credit balance. Some are asset accounts while others are expense accounts. which of the following accounts is not closed. The ending balance is a $95 debit. Sales Discounts C. Sales D. Selling Expense Question: If goods in transit are shipped FOB destination A. The normal balance of accounts receivable is a debit. If the trial balance balances, it proves that all of the entries have been made correctly. accounting-and-taxation; 0 Answers. User: Which of the following has a normal credit balance?Accounts Receivable T. Stark, Drawing Supplies Expense Accounts Payable Weegy: After the closing entries are posted to the ledger, each revenue account will have a zero balance. Question: Which Of The Following Has A Normal Credit Balance? A. 75+80-60=95 User: The left side of any account is the _____. b. Which of the following accounts normally has a credit balance? which of the following types of accounts have a normal credit balance? The accounts that have a normal credit balance include contra-asset, liability, gain, revenue, owner's equity and stockholders' equity accounts. B) Cash. what is the type of account and normal balance of allowance for doubtful accounts? A. The normal balance of owner's withdrawals is a debit. C. accounts payable. These accounts will see their balances increase when the account is credited. B. salaries expense. It has been found that people living in very high mountains have many more red corpuscles in their blood than people living in plains. Neo! Sales Returns and Allowances B. A debit signifies a decrease in: a. assets b. expenses c. dividends d. revenue 17. Accounts payable has a normal credit balance. d.The normal balance is on the increase side of the account. Favorite Answer. The common stock has a credit balance and the dividend has a debit balance 0 votes. assets and expenses. A. debit side B. credit side C. ending balance D. footings Sales Discounts. A) Cash B) Notes receivable C) Wage expense D) Unearned revenue. Old Guy. Of the following accounts, the one that normally has a credit balance is: a. For this reason the account balance for items on the left hand side of the equation is normally a debit and the account balance for items on the right side of the equation is normally a credit. The type of account with a normal credit balance is? The business management student is incorrect. 9 years ago. 78. … Identify whether a debit or credit yields the indicated change for each of the following accounts: a. Revenue coming into the company, or gains, such as a gain on the sale of assets such as used equipment sold off by the firm, are income statement accounts and they get recorded as an increase by using a credit entry. Service revenue. B. Asset, expense, and owner's drawing accounts normally have debit balances. The reason that expense accounts typically have a debit balance is because the accounts increase as expenses are incurred. Which of the following accounts has a normal credit balance? Sales Revenue. which of the following groups of accounts have a normal debit balance? Which of the following accounts have only credit balance? The normal balance of a revenue account is a credit. accounting; 0 Answer. (Check all that apply.) Which of the following statements is incorrect? NOAA Hurricane Forecast Maps Are Often Misinterpreted — Here's How to Read Them. c.The normal balance of all accounts will have either a positive or negative balance. Which of the following accounts has a normal credit balance Which of the following accounts has a normal credit balance? Assets normally have DEBIT balances. Answered Sep 9 … Solution for Question 13 which of the following has! Dividend and expense accounts typically have a Prediction about which of the following accounts has a normal credit balance? Apocalyptic Year liabilities, revenues and sales,,! Is a credit balance is: a + Owner’s equity ( A=L+OE ) a about! 2016 in Business by Hardwell ) Classic Floors has the following accounts is when... Following accounts normally has a credit balance will only have debit entries never... Any account is a credit balance FOB destination a sales, gains and. Balance d. footings which of the following accounts has a normal credit balance reason! 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