Solved

For Each Account Listed,identify the Category It Belongs To,the Normal

Question 77

Essay

For each account listed,identify the category it belongs to,the normal balance (debit or credit),and the financial statement in which the account appears.
 Account  Category  Normal Balance  Financial  Statement  0. Cash  Asset  Debit  Balance Sheet  I Capital, Beginning  2. Salaries Expense  3. Salaries Payable  4. Accounts Receivable  5. Prepaid Insurance  6. Withdrawals  7. Service Fees  8. Accounts Payable \begin{array} { | l | c | c | c | } \hline \text { Account } & \text { Category } & \text { Normal Balance } & \begin{array} { c } \text { Financial } \\\text { Statement }\end{array} \\\hline \text { 0. Cash } & \text { Asset } & \text { Debit } & \text { Balance Sheet } \\\hline \text { I Capital, Beginning } & & & \\\hline \text { 2. Salaries Expense } & & & \\\hline \text { 3. Salaries Payable } & & & \\\hline \text { 4. Accounts Receivable } & & & \\\hline \text { 5. Prepaid Insurance } & & & \\\hline \text { 6. Withdrawals } & & & \\\hline \text { 7. Service Fees } & & & \\\hline \text { 8. Accounts Payable } & & & \\\hline\end{array}

Correct Answer:

verifed

Verified

\[\begin{array} { | l | l | l | l | }
\...

View Answer

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions