Which Of The Following Accounts Has A Normal Credit Balance Sales Revenue
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Examples of revenue accounts include all of the following except a.
Which of the following accounts has a normal credit balance sales revenue. And enter their debit or credit c balance in the debit or credit column of the trial balance. Sales revenue d. Cost of goods sold is an asset v account with a normal debit balance. Has a normal balance of a debit.
Which of the following accounts has a normal debit balance. Which of the following describes the classification and normal balance of the fees earned account. Sales discounts is a contra revenue account with a normal debit balance. Let s illustrate revenue accounts by assuming your company performed a service and was immediately paid the full amount of 50 for the service.
Which of the following accounts has a normal credit balance. Each of the following accounts has a normal credit balance except. C credit debit debit d credit debit credit 17 when the phiysical count of barr company inventory had a cost of 4 380 at year end and the unadjusted balance in inventory was 4 600 barr will have to make the following entry a. C sales revenue plus depreciation expense.
Sales returns and allowances b. Sales discounts increase the amount of sales. Sales is a revenue account with a normal credit balance. With respect to the income statement a.
Inventory is an asset account with a normal debit balance. All of the following accounts have normal credit balances except a cash. Contra revenue accounts do not appear on the income statement. A credit represents a decrease in a.
Respective normal account balances of sales revenue sales returns and allowances and sales discounts are credit credit credit b debit credit debit. The normal balance of any account is the balance debit or credit which you would expect the account have and is governed by the accounting equation. Deferred revenue sales revenue accounts receivable accumulated depreciation cost of goods sold inventory prepaid expenses. Each of the accounts in a trial balance extracted from the bookkeeping ledgers will either show a debit or a credit balance.
Hence contra revenue accounts will have debit balances.
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