quiz - entry. A revenue account will normally have a credit...

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Drawing accounts normally receives debit entries Revenue accounts normally receive credit entries Expenses normally receive debit entries Equipment is purchased on credit. The account payable account will receive a credit entry. An increase in equity is a credit entry to the Capital account If the owner withdraws cash for his personal use, the bank account will receive a credit entry. A business gives a cash refund to a customer. The revenue account will receive a debit
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Unformatted text preview: entry. A revenue account will normally have a credit balance. Accounts receivable accounts normally have debit balances Paying a creditor involves a debit to the creditors account A decrease in equity is a debit entry to the Capital account The capital account normally has a credit balance Expense accounts do not normally receive credit entries The bank account normally has a debit balance....
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This note was uploaded on 07/15/2011 for the course AFM 102 taught by Professor Aa during the Summer '07 term at Court Reporting Institute of Dallas.

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