Revenue In Normal Balance
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Sales revenue has a normal credit balance meaning that a credit to a revenue account.
Revenue in normal balance. It can either be a debit balance or a credit balance. Revenue is normally a credit balance so a contra revenue account such as sales returns is normally a debit balance. Hence contra revenue accounts will have debit balances. Normal balance is the accounting classification of an account.
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. To increase the value of an account with normal balance of credit one would credit the account. Using the normal balance. Contra revenue normal balance.
This normal balance side of accounts quiz is one of many of our online quizzes which are used to test your knowledge of double entry bookkeeping discover another at the links below. It is part of double entry book keeping technique. For asset and expense accounts the normal balance is a debit balance. In accounting terminology a normal balance refers to the kind of balance that is considered normal or expected for each type of account.
An account has either credit abbrev. Let s illustrate revenue accounts by assuming your company performed a service and was immediately paid the full amount of 50 for the service. For liability equity and revenue accounts the normal balance is a credit balance. Cr or debit abbrev.
Try another double entry bookkeeping quiz. Have a normal balance amount that is normally a debit balance or a credit balance have a type and are classified as an asset liability equity revenue expense or draw are either a balance sheet or income statement account major types of accounts. The revenue normal balance. An asset is normally a debit balance so a contra asset account such as accumulated depreciation is normally a credit balance.
Contra asset normal balance.
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