Question

(For questions 23-28) For each account listed below indicate whether it ordinarily has a debit (D)...

(For questions 23-28)

For each account listed below indicate whether it ordinarily has a debit (D) or credit (C) balance.

Advertising expense

Inventory

Accrued salaries

Cost of goods sold

Revenue

Notes payable

Business   Accounting   
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Answer #1

Advertising expense is an expense account. Its ordinary balance is a debit balance.

Inventory is an asset account. Its ordinary balance is a debit balance.

Accrued salaries is a liability account. Its ordinary balance is a credit balance.

Cost of goods sold is an expense account. Its ordinary balance is a debit balance.

Revenue is a component of stockholders' equity account. Its ordinary balance is a credit balance.

Notes payable is a liability account. Its ordinary balance is a credit balance.

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