Week 4 Tutorial Questions Solutions

Week 4 Tutorial Questions Solutions - ACCT1501 2011S1 Week...

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ACCT1501 2011S1 Week 4 Tutorial Questions Solutions Tutorial Questions: Discussion Question 3.5, 3.7; Problems 3.4, 3.15, 3.18 5 • Assets normally have a debit balance, whilst liabilities and equity normally have a credit balance. Revenues have a credit balance, and expenses have a debit balance Discussion Questions • Therefore, some examples of accounts that normally have a debit balance are: – Cash – Accounts receivable – Inventory – Furniture, fittings & fixtures – Land & buildings – Investments – Intangibles – Prepayments • Some liability accounts that normally have a credit balance are: – Accounts payable – Loan – Other payables (income tax, wages, etc.) – Revenue received in advance – Mortgage – Provisions • Some equity accounts that normally have a credit balance are: – Share capital – Retained profits – Reserves • Some revenue accounts that have a credit balance are: – Sales – Dividends received from investments
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This note was uploaded on 07/30/2011 for the course ACCT 1501 taught by Professor Helen during the Three '09 term at University of New South Wales.

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Week 4 Tutorial Questions Solutions - ACCT1501 2011S1 Week...

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