The owner's withdrawal account normally has a credit balance since it is an equity account.
举一反三
- An account linked with another account that has an opposite normal balance and that is subtracted from the balance of the related account is a(): ____ A: Accrued expense. B: Contra account. C: Accrued revenue. D: Intangible asset.
- Тhе Аllоwаncе fоr Асcоuntіng Rеceivable аccount іѕ а(n) ( ) A: expense account B: liability account C: owner' s equity account D: contra asset account
- Listen to the conversation again and fill in the blanks with the information you’ve got.1 The total balance of Lisa’s account is yuan.2 The balance of Lisa’s current account is yuan.3 The three-year interest rate is .4 Lisa’s fixed account is due on , 2016.5 Lisa deposits yuan to her current account.
- A simple account form widely used in accounting as a tool to understand how debits and credits affect an account balance is called a: A: Withdrawals account. B: Capital account. C: Drawing account. D: T-account. E: Balance column sheet.
- the credit side of an owners' equity account implies something favorable.