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    lynette3535's Avatar
    lynette3535 Posts: 4, Reputation: 1
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    #1

    Nov 7, 2008, 11:51 PM
    Identifying normal balance
    Identify whether the normal balances (in parentheses) assigned to the following accounts are correct
    Or incorrect.
    a. Office supplies (Debit) d. Wages Expense (Credit) g. Wages Payable
    b. Owner Withdrawals (Credit) e. Cash (Debit) (Credit)
    c. Fees Earned (Debit) f. Prepaid Insurance (Credit) h. Building (Debit)
    Clough's Avatar
    Clough Posts: 26,677, Reputation: 1649
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    #2

    Nov 8, 2008, 12:54 AM

    Hi, lynette3535!

    If you're wanting us to do your homework for you here, that's not going to happen. If we answered the homework questions for you, would you really be learning how to do them?

    If you post answers and how you arrived at those answers for others to take a look at as to their being correct or not, that would be fair.

    If you did that, someone just might come along who would be willing to discuss with you as to how to come up with the correct answers.

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    Thanks!
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #3

    Nov 8, 2008, 02:06 PM

    The following types of accounts have a normal Debit balance: Expense, Asset, Dividends

    The following types of accounts have a normal Credit balance: Uneraned Revenue, Revenue, Liabilities, Owner's Equity or Shareholder Equity
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