In Accounting, What Things Would Normally Be Listed as a Debit? What about as a Credit?
Okay, so I thought that basically everything could be a debit or a credit depending on the situation, but in my textbook it gives me a list of things and tells me to “indicate whether it would normally have a debit or credit balance.” Here is the list:
cash, sales, accounts receivable, cost of goods sold, insurance expense, capital stock, mortgage payable, salaries and wage expense, retained earnings, salaries payable, accounts payable, interest revenue, inventory, interest receivable, notes payable, equipment, office supplies, utilities expense, interest payable, rent expense.
Any help would be appreciated. Also, is this a trick question? Like, all of these could be debits or credits at some point? Thank you!
cash-credit
sales-credit
accounts receivable-credit
cost of goods-debit
insurance-debit
capital stock-credit
mortgage payable-debit
salaries and wage expense-debit
retained earnings-credit
salaries payable-debit
accounts payable-credit
interest revenue-credit
inventory-credit
interest receivable-credit
notes payable-debit
equipment-debit
office supplies-debit
utilities-debit
interest payable-debit
rent expense-debit
not sure if it’s a trick question or not.
Office Furniture Liquidation
0 comments ↓
There are no comments yet...Kick things off by filling out the form below.
Leave a Comment