Question

State for each account whether it is likely to have debit entries only, credit entries only, or both debit and credit entries. Also, indicate its normal balance.
Typical Entries Normal Balance
1. Accounts Receivable Credit
2. Commissions Earned
3. Heidi Schmidt, Capital
4. Rent Expense
5. Rent Revenue
6. Wages Payable

Answer 1

The statement of whether the following accounts are likely to have debit or credit entries only, or both, with the indication of their normal balances, are as follows:

Accounts                                       Typical Entries        Normal Balances

1. Accounts Receivable                  Debit/Credit             Debit

2. Commissions Earned                 Credit                        Credit

3. Heidi Schmidt, Capital               Credit                        Credit

4. Rent Expense                              Debit                         Debit

5. Rent Revenue                             Credit                        Credit

6. Wages Payable                           Credit / Debit           Credit

Thus, the accounts with their typical entries have been indicated together with their normal balances.

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