Close Icon
Info
Warning
Danger
 / 
 / 
 / 
21) Which of the following groups of accounts normally have

Question : 21) Which of the following groups of accounts normally have : 1959081

21) Which of the following groups of accounts normally have a debit balance?

A) assets and expenses

B) revenues and expenses

C) liabilities and owner's equity

D) assets and liabilities

22) Which of the following groups of accounts will decrease with a debit?

A) assets and expenses

B) revenues and expenses

C) liabilities and owner's equity

D) assets and liabilities

23) Which of the following statements is true of expenses?

A) Expenses increase owner's equity, so an expense account's normal balance is a credit balance.

B) Expenses decrease owner's equity, so an expense account's normal balance is a credit balance.

C) Expenses increase owner's equity, so an expense account's normal balance is a debit balance.

D) Expenses decrease owner's equity, so an expense account's normal balance is a debit balance.

24) The Accounts Receivable account is a(n) ________ account and carries a ________ normal balance.

A) liability; debit

B) asset; debit

C) liability; credit

D) asset; credit

25) The Accounts Payable account is a(n) ________ account and carries a ________ normal balance.

A) liability; debit

B) asset; debit

C) liability; credit

D) asset; credit

26) For the Cash account, the category of account and its normal balance is:

A) assets and a debit balance.

B) liabilities and a credit balance.

C) liabilities and a debit balance.

D) assets and a credit balance.

27) Which of the following statements is true of the Owner's Capital account?

A) It is an equity account that has a normal credit balance.

B) It is a liability account that has a normal credit balance.

C) It is a liability account that has a normal debit balance.

D) It is an equity account that has a normal debit balance.

28) For Office Supplies, the category of account and its normal balance is:

A) liabilities and a debit balance.

B) assets and a debit balance.

C) liabilities and a credit balance.

D) assets and a credit balance.

29) The Salaries Payable account is a(n):

A) liability account with a normal debit balance.

B) asset account with a normal debit balance.

C) liability account with a normal credit balance.

D) asset account with a normal credit balance.

30) For Expenses, the category of account and its normal balance is:

A) owner's equity and a credit balance.

B) assets and a debit balance.

C) assets and a credit balance.

D) owner's equity and a debit balance.

Solution
5 (1 Ratings )

Solved
Accounting 9 Months Ago 23 Views
This Question has Been Answered!

Unlimited Access

Explore More than 2 Million+
  • Textbook Solutions
  • Flashcards
  • Homework Answers
  • Documents
Signup for Instant Access!

Ask an Expert

Our Experts can answer your tough homework and study questions
150233 Accounting Questions Answered!
Post a Question