All categories

4 years ago

Which of the following groups of accounts have a normal debit balance

Business

1 answer:

mr Goodwill [35]4 years ago

5 0

YOur answer is D.

A way to remember this is AWE. Assets, Withdrawals and Expenses all have normal debit balances

You might be interested in

Typically, most network television advertising time is sold as

Oksi-84 [34.3K]

Commercials? idk look it up. (not on brainly lol)

3 0

4 years ago

The following information is from ABC Company's general ledger: Beginning and ending inventories, respectively, for raw material

Sholpan [36]

Answer:

cost of goods manufactured= $176,000

Explanation:

Giving the following information:

Direct materials:

Beginning inventory= $16,000

Ending inventory= $20,000

Purchase= $72,000

WIP:

Beginning inventory= $40,000

Ending inventory= $44,000

Direct labor= $72,000

Manufacturing overhead applied= $40,000

T<u>o calculate the cost of goods manufactured, we need to use the following formula:</u>

cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP

Direct material used= beginning inventory + purchases - ending inventory

Direct material used= 16,000 + 72,000 - 20,000= 68,000

cost of goods manufactured= 40,000 + 68,000 + 72,000 + 40,000 - 44,000

cost of goods manufactured= $176,000

8 0

3 years ago

Paid $1,300 towards principal of the notes payable<br> What is the credit and debit for this?

Roman55 [17]

Credit $1300 from you cash or bank account and Debit $1300 to Principal account.

4 0

3 years ago

Chelsea's house is for sale, and she is selling it through a real estate agent. The house is listed, and any licensed agent may

77julia77 [94]

Answer: Invitees.

Explanation:

Stan the property agent and Paula the potential buyer are invitees to Chelsea's property. An invitee is a person or group of people invited to the property of an individual for the purpose of a business transaction or a public visit.

6 0

4 years ago

Marigold Corp. is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first y

ohaa [14]

Answer:

Dr cash $ 2,473,500.00

Cr preferred stock $ 2,425,000.00

Cr paid-in capital in excess of par-preferred stock $48,500

Dr cash $ 3,422,000.00

Cr preferred stock $ 2,900,000

Cr paid-in capital in excess of par-preferred stock $522,000

Explanation:

The issue of preferred shares on Feb 1 would result in cash proceeds of $ $2,473,500.00 i.e (48,500*$51)

The proceeds would be debited to cash while preferred stock account is credited with par amount of $ 2,425,000.00 (48,500*$50) and the remaining amount of $ 48,500.00 is credited to paid-in capital in excess of par-preferred stock.

The issue of preferred shares on July 1 would result in cash proceeds of $3,422,000.00 i.e (58,000*$59)

The proceeds would be debited to cash while preferred stock account is credited with par amount of $ 2,900,000.00 (58000*$50) and the remaining amount of $ 522,000.00 is credited to paid-in capital in excess of par-preferred stock

3 0

3 years ago