Answer to Question #217012 in Accounting for zuby

Question

5.

State which balance, debit, or credit is normally held by the following accounts:

1.

Cash

2.

Dividends

3.

Notes payable

85 Financial Accounting

4.

Unearned revenue

5.

Cost of goods sold

6.

Prepaid rent

7.

Accounts receivable

8.

Capital stock

Answer 1

1. Cash - debit balance

2. Dividends - debit balance

3. Notes payable - credit balance

4. Unearned revenue - credit balance

5. Cost of goods sold - debit balance

6. Prepaid rent - debit balance

7. Accounts receivable - debit balance

8. Capital stock - credit balance