Asked by Riley Runnells on Jul 08, 2024
Verified
For the following, mark a "D" if the following account normally has a debit balance and mark a "C" if the following account normally has a credit balance.
_____1. Notes Payable
_____2. Mortgage Payable
_____3. Dividends
_____4. Accounts Receivable
_____5. Common Stock
_____6. Rent Revenue
_____7. Unearned Revenue
_____8. Utility Expense
_____9. Automobiles
Notes Payable
Written promissory notes in which a borrower agrees to pay back the lender at a later date, often with interest.
Common Stock
A type of security that represents ownership in a corporation, giving holders voting rights and a share in the company's profits via dividends.
Dividends
Earnings distributed to a company's shareholders, commonly as a profit disbursement.
- Classify accounts by their normal balances and activity (debit or credit) during recording business transactions.
Verified Answer
GG
Learning Objectives
- Classify accounts by their normal balances and activity (debit or credit) during recording business transactions.
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