Acct 3110 - Study guides, Class notes & Summaries

A debit entry to an account Correct Answer increases assets Which account types normally have a credit balance? Correct Answer revenues and liabilities An attorney performs services of $1,100 for a client and receives $400 cash with the remainder on account. The journal entry for this transaction would Correct Answer debit cash, debits accounts receivable, credit service revenue Accounts payable had a normal beginning balance of $1000. During the period, there were debit postings of $50...