Question

What is the normal balance for the Accounts in questions 4-6?

4. Cash

Question 4 options:

Debit


Credit


No Balance



What is the normal balance for the Accounts in questions 4-6?

5. Notes Payable

Question 5 options:

Debit


Credit


No Balance



What is the normal balance for the Accounts in questions 4-6?

6. Jane Smith, Capital

Question 6 options:

Debit


Credit


No Balance

Answer 1

Answer:

4. Debit

5.Credit

6.Credit

Explanation:

The rule is simple. If the account is Asset, its normal balance is Debit. If the account is Liability or Owner Equity, their normal balance are Credit.

The things are you have to recognize which of them are Asset, Liability or Owner Equity.

The only way is to practice, to get yourself as much exposure to financial accounting ( e.g: their are plenty of Financial Reports of Big Firms available online for you to read) as possible so you may recognize what side of the Balance Sheet these items would be categorized into as soon as you heard its name.

Answer 2

Answer:

The correct answers are:

4. Debit

Cash is always a debit

5. Credit

Notes Payable have yet to be paid and are therefore a credit

6. Credit

Capital is listed as a credit in the ledger of the accounting book.

Explanation:

I took the quiz and got these correct too <3

have a nice day!