Question

Identify the normal balance (debit or credit) for each of the following accounts.

a. Fees earned (revenues)
b. Office supplies
c. Owner withdrawals
d. Wages expense
e. Account receivable
f. Prepaid rent
g. Wages payable
h. Building
i. Owner Capital

Answer 1

The normal balance (debit or credit) for each of the accounts are:

Assets with debit balances:

b. Office supplies

e. Accounts receivable

f. Prepaid Rent

h. Building

Normal balance

Based on double entry principle of accounting every debit entry must have a corresponding credit entry and every credit entry must have a corresponding debit entry.

Assets with debit balances:

b. Office supplies

e. Accounts receivable

f. Prepaid Rent

h. Building

Expenses or contra-equity accounts with a debit balance:

c. Owner withdrawals and d. Wages expense

Liability, revenue, and equity accounts with credit balances normal:

a. Fees earned

g. Wages payable

i. Owner capital

Inconclusion the normal balance (debit or credit) for each of the accounts are:  Assets with debit balances:

b. Office supplies

e. Accounts receivable

f. Prepaid Rent

h. Building

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