The normal balance of an expense account is a credit

Asked by admin @ 10/11/2021 in Business viewed by 278 People

For the accounts listed below, indicate if the normal balance of the account is a debit or credit. Accounts Normal Balance 1. Service Revenue 2. Rent Expense 3. Accounts Receivable 4. Accounts Payable 5. Retained Earnings 6. Supplies 7. Insurance Expense 8. Dividends 9. Buildings 10. Notes Payable

Answered by admin @ 10/11/2021

Answer:

1. Service Revenue - credit

2. Rent Expense - Debit

3. Accounts Receivable - Debit

4. Accounts Payable - credit

5. Retained Earnings - credit

6. Supplies - Debit

7. Insurance - Debit

Expense - Debit

8. Dividends - Debit

9. Buildings - Debit

10. Notes Payable - credit

Explanation:

The balance sheet shows the assets, liabilities and equity. While assets normally have a debit balance, liabilities and equity have credit balances.

The income statements shows the revenue and expenses. While revenue usually has a credit balance, expenses usually have debit balances.

Able, baker, and charles are engaged in the marketing to and enrollment of beneficiaries into medicare health plans. mr. able is an independent agent paid directly by a health plan. ms. baker is an independent agent paid through a field marketing organization (fmo). mr. charles is an independent agent paid for his work by a third-party marketing organization (tmo). how do the cms compensation rules apply to these three agents?

Asked by maham237 @ 13/01/2021 in Business viewed by 2750 persons

The normal balance of an expense account is a credit

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