Credit Normal Balance:Liability accounts like accounts payable, loans payable, and accrued expenses have a credit normal balance. Moreover, equity accounts such as owner’s capital and retained earnings, as well as revenue accounts like sales and interest income, also have a credit normal balance....
Does an income account have a normal debit or credit balance? What is the type of account and normal balance of allowance for doubtful accounts? (a) Contra asset, debit; (b) Asset, debit; (c) Liability, credit; (d) Contra asset, credit ...
C - Recognized accrued salaries expense. D - Paid cash to purchase l How do you record purchase returns and allowances in accounting? What are the rules of debit and credit for accounts appearing on a firm's balance sheet and inc...
Normal Form means a monthly annuity which is one twelfth of the amount of the member’s accrued benefit which is payable for the member’s life. If the member dies before the sum of the payments he or she receives equals his or her accumulated contributions on the annuity starting date, ...
There were no acquisitions or disposals of these investments during the year ended 30 September 2012. (vi) The balance on current tax represents the under/over provision of the tax liability for the year ended 30 September 2011. A provision for income tax for the year ended 30 September ...
b. has a normal debit balance. c. decreases Net Income. d. All of the above. Purchase Discount: Purchase Discount is a general ledger account used to record cash discounts taken by a company for the early settlement of accounts payable. The ...