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The normal balance of an asset account is:
Question 4 options:
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None of the options is correct |
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A credit balance |
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A debit balance |
|
Could be either a debit or credit balance |
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Solved in 3 steps
- Excess of Debit side over Credit side is called? Select one: a. All of the above b. Debit Balance c. Liability Accounts d. Credit BalanceWhich of the following is true regarding 'Credit Balance' in ledger account? a. All options are correct O b. Debit total equal to credit total O C. Excess of debit total over credit total O d. Excess of credit total over debit totalTo decrease a contra-asset account, we will ____ it. A. Debit B. Credit
- Accumulated depreciation account and allowance for doubtful accounts account are two examples of contra asset account. The normal balance of these two accounts would be: a credit balance a debit balance similar to the related normal asset accounts nil balanceWhat is the normal balance of accounts payable? Group of answer choices debit either debit or credit This is an ambiguous question creditWhich of the following is not an example of an asset? Group of answer choices Supplies. Accounts receivable. Prepaid Insurance. Deferred revenues.
- Which of the following will appear on the credit side of a trial balance? A. Fixed assets and Rent income B. Expenses and Non-current liabilities C. Negative assets and Income D. Current liabilities and Interest on overdraft Clear my choice Type here to search i packard bellThe normal balance of an account is the side of the account (either the debit side or the credit side in the ledger) where we expect to find a positive dollar amount. The normal balance of an asset account is a _________________ balance. Group of answer choices break-even debit negative credittrue or false Asset accounts normally have a credit balance
- Multiple choice: 1.Collection of an account receivable would: A.decrease liabilities B. have no effect on owner's equity C. decrease owner’s equity D. increase total assetsQ.2.1 Complete the table below by indicating for each account if the balance will be debit or credit and if it is classified as a non-current orcurrent asset, non-current or current liabilityYou are required to redraft the table in your assignment.(14)Name of account Dr/CrBalanceNon-currentassetCurrentassetNon-currentliabilityCurrentliabilityIncome Expense ProprietaryaccountsE.g. Land &BuildingsDebit XAdvertisingCreditors controlInterest on savingaccountCapitalFurnitureCash floatMortgage loanAllowance for doubtful accounts is an example of a. Asset account b. Expense account c. Contra asset account d. Liability account