which of the following types of accounts have a normal credit balance? course hero

What has a debit balance and a credit balance?

Generally the Assets and the expenses has a debit balance and a liabilities and incomes has a credit balance. Here, the Supplies , Accounts receivable , prepaid insurance … View the full answer

What type of accounts record increases to the accounts with credits?

a. debit Cash; credit Accounts Payable b. debit Accounts Receivable; credit Cash c. debit Accounts Payable; credit Cash d. debit Cash; credit Supplies Expense c. debit Accounts Payable; credit Cash All stockholders' equity accounts record increases to the accounts with credits.

What is the normal debit balance of all accounts?

All accounts have a normal debit balance. b. The normal balance of all accounts will have either a positive or negative balance. c. Accounts that have a normal debit balance will only have debit entries, never credit entries. d. The normal balance is the side of the account that increases the account.

What is the relationship between debits and credits in accounting?

Assets, expenses, and dividends are increased by debits. b. Assets are decreased by credits and have a normal debit balance. c. Liabilities, revenues, and stockholders' equity are increased by credits. d.

Which of the following types of accounts have a normal credit balance?

Liabilities, revenue, and owner's capital accounts normally have credit balances.

Which accounts have a normal credit balance quizlet?

Credit: Liabilities, revenues and sales, gains, and owner equity and stockholders' equity accounts normally have credit balances. These accounts will see their balances increase when the account is credited.

What is an example of an account that has a normal credit balance group of answer choices?

capital accountThe capital account is an Owner's Equity account which means it has a normal credit balance.

What is an example of an account that has a normal credit balance 1 point?

Explanation: The revenue type account has a normal credit balance.

Which of the following accounts does not have a normal credit balance?

Example of Accounts Where Credit is Not the Normal Balance Accounts where a credit balance is NOT the normal balance include the following: Asset accounts (other than contra asset accounts such as Allowance for Doubtful Accounts and Accumulated Depreciation) Expense accounts (other than a contra expense account)

Does sales have a normal credit balance?

Sales are recorded as a credit because the offsetting side of the journal entry is a debit - usually to either the cash or accounts receivable account. In essence, the debit increases one of the asset accounts, while the credit increases shareholders' equity.

Which of the following groups of accounts both have a credit balance as the normal balance?

The correct answer is option c. liabilities and stockholders' equity. To make it more understandable, the following table summarizes the normal balances of the following accounts. Based on the above table, liabilities, owner's equity, and revenues have a normal credit balance.

What is a normal credit balance?

Definition of 'normal balance' The normal balance of an account is the side of the account that is positive or increasing. The normal balance for asset and expense accounts is the debit side, while for income, equity, and liability accounts it is the credit side.

What accounts have normal debit balances?

Accounts that normally have a debit balance include assets, expenses, and losses. Examples of these accounts are the cash, accounts receivable, prepaid expenses, fixed assets (asset) account, wages (expense) and loss on sale of assets (loss) account.