1. The normal balance of accounts payable account is a______ because it isa(an)_

Question

1. The normal balance of accounts payable account is a______      because it isa(an)_______accoint a. debit, asset b. credit liability c. debit, expense d. credit revenue Journalize the following selected trasnactions: 1. 12/01 paid rent for the month $3,000 2. 12/03 paid adevertising expense $2,000 3. 12/05 paid cash for supplies 930 4. 12/10 purchase a computer on account $2,500 5. 12/12 received cash fromm customer for cash sales$12,000 1. The normal balance of accounts payable account is a______      because it isa(an)_______accoint a. debit, asset b. credit liability c. debit, expense d. credit revenue Journalize the following selected trasnactions: 1. 12/01 paid rent for the month $3,000 2. 12/03 paid adevertising expense $2,000 3. 12/05 paid cash for supplies 930 4. 12/10 purchase a computer on account $2,500 5. 12/12 received cash fromm customer for cash sales$12,000

Explanation / Answer

1. b. credit, liability. Journal entries. 1. 12/01 Rentexpense         3,000               Cash                    3,000 2. 12/03   Advertising expense     2,000                 cash                          2,000 3. 12/05      Suppliesexpense      930                   Cash                     930 4. 12/10  Equipment        2,500                 Accounts payable      2,500 5. 12/12          Cash                 12,000                       Sales revenue        12,000

Related Questions

Navigate

• Browse (All)
• Browse 1
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.