For each of the following accounts, signify DEBIT or CREDIT to indicate the normal balance of...

For each of the following accounts, signify DEBIT or CREDIT to indicate the normal balance of the account.
1	Accounts recievable	Multiple Choice Answer Options:
2	Credit card expense	a. Credit
3	bad debt expense	b. Debit
4	allowance for doubtful debts
5	Notes receivable (due in 180 days)
6	interest revenue
7	depreciation expense
8	building
9	equipment
10	accumulated depreciation
11	Loss of disposal of equipment
12	Gain on disposal of equipment
13	Sales revenue
14	Patent
15	Copyright
16	Amortization expense
17	estimated warranty liability (3 year warranty)
18	social security taxes payable
19	notes payable (due in 180 days)

Solutions

Expert Solution

Normally, expense and asset accounts have debit balance, revenue and liabilities account have credit balance

1	Accounts recievable	Debit	Asset
2	Credit card expense	Debit	Expense
3	bad debt expense	Debit	Expense
4	allowance for doubtful debts	Credit	Contra Asset
5	Notes receivable (due in 180 days)	Debit	Asset
6	interest revenue	Credit	Revenue
7	depreciation expense	Debit	Expense
8	building	Debit	Asset
9	equipment	Debit	Asset
10	accumulated depreciation	Credit	Contra Asset
11	Loss of disposal of equipment	Debit	Loss
12	Gain on disposal of equipment	Credit	Revenue
13	Sales revenue	Credit	Revenue
14	Patent	Debit	Asset
15	Copyright	Debit	Asset
16	Amortization expense	Debit	Expense
17	estimated warranty liability (3 year warranty)	Credit	Liability
18	social security taxes payable	Credit	Liability
19	notes payable (due in 180 days)	Credit	Liability

ekkarill92 answered 1 year ago

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