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What is the normal balance of a liabilty account?
A liability account normally has a credit balance.
The classification and normal balance of the accounts payable account is?
The classification of Accounts Payable is liability, and a current liability, it has a normal credit balance, and is found on the Balance Statement as a permanent account.
What is the normal balance for accounts payable?
Accounts payable is a liability account and all liability accounts have credit balance as normal balance so accounts payable is also credit as a normal balance
The classification and normal balance of the supplies expense account is a or an?
liability with a credit balance
What is the type of account and normal balance of unearned rent?
liability, credit
What is the normal balance of a liabilty account?
A liability account normally has a credit balance.
The classification and normal balance of the accounts payable account is?
The classification of Accounts Payable is liability, and a current liability, it has a normal credit balance, and is found on the Balance Statement as a permanent account.
What is the normal balance for accounts payable?
Accounts payable is a liability account and all liability accounts have credit balance as normal balance so accounts payable is also credit as a normal balance
The classification and normal balance of the supplies expense account is a or an?
liability with a credit balance
What is the type of account and normal balance of unearned rent?
liability, credit
What is the normal balance of a bonds payable account?
Normal balance of bonds payable account is credit account and it is shown under liability side of balance sheet because these are the amounts payable in future.
What kind of an account (asset liability etc.) is Allowance for Doubtful Accounts and is its normal balance a debit or a credit?
What kind of an account (asset, liability, etc.) is Allowance for Doubtful Accounts, and is its normal balance a debit or a credit?
Is interest payable a credit or debit?
Interest payable is liability account and have a credit balance as a normal balance.
What if an amount is recorded on the side of a t account opposite the normal balance side?
If an amount is recorded on the side of a T-account opposite the normal balance side, it indicates a reduction in that account's balance. For example, if a debit is recorded in a liability account, it decreases the liability, which is contrary to its normal balance. This can signify payments made or adjustments to the account. Such entries must be carefully monitored, as they can affect the overall financial reporting and accuracy.
Is the normal balance of a liability account a debit or a credit?
The normal balance of a liability account is a credit. This means that when a liability increases, it is recorded as a credit entry, while a decrease is recorded as a debit. This is consistent with the fundamental accounting equation, where liabilities represent obligations that a business owes to others.
What is the normal balance side of any account?
The normal balance side of an account refers to the side that increases the balance of that account. For asset and expense accounts, the normal balance is on the debit side, while for liability, equity, and revenue accounts, it is on the credit side. This means that debits increase asset and expense accounts, while credits increase liability, equity, and revenue accounts. Understanding the normal balance is essential for accurate bookkeeping and financial reporting.
Why increasing a liability account with a credit when increasing an asset account with a debit?
Liability has credit balance as normal balance so credit joins credit and increases it while assets has debit balance as normal balance so debit and credit cannot join together like plus plus is equals to plus.
