below is a list of common accounts. required: indicate whether the normal balance of each account is a debit…

below is a list of common accounts. required: indicate whether the normal balance of each account is a debit or a credit. accounts debit or credit 1. cash 2. sales revenue 3. salaries expense 4. accounts payable 5. equipment 6. retained earnings 7. cost of goods sold 8. accounts receivable 9. dividends 10. common stock

below is a list of common accounts. required: indicate whether the normal balance of each account is a debit or a credit. accounts debit or credit 1. cash 2. sales revenue 3. salaries expense 4. accounts payable 5. equipment 6. retained earnings 7. cost of goods sold 8. accounts receivable 9. dividends 10. common stock

Answer

Brief Explanations:

  1. Cash is an asset, and assets have a normal debit balance.
  2. Sales revenue is a revenue account, which has a normal credit balance.
  3. Salaries expense is an expense account, with a normal debit balance.
  4. Accounts payable is a liability, having a normal credit balance.
  5. Equipment is an asset, so it has a normal debit balance.
  6. Retained earnings is an equity - related account, with a normal credit balance.
  7. Cost of goods sold is an expense account, having a normal debit balance.
  8. Accounts receivable is an asset, with a normal debit balance.
  9. Dividends is an equity - reducing account, having a normal debit balance.
  10. Common stock is an equity account, with a normal credit balance.

Answer:

  1. Debit
  2. Credit
  3. Debit
  4. Credit
  5. Debit
  6. Credit
  7. Debit
  8. Debit
  9. Debit
  10. Credit