PE 2-1A Rules of debit and credit and normal balances

State for each account whether it is likely to have (a) debit entries only, (b) credit entries only, or (c) both debit and credit entries. Also indicate its normal balance.

1. Accounts Receivable

2. Commissions Earned

3. Heidi Schmidt, Capital

4. Rent Expense

5. Rent Revenue

6. Wages Payable 

Answer:

1. Debit and credit entries (c), normal debit balance

2. Credit entries only (b), normal credit balance

3. Credit entries only (b), normal credit balance

4. Debit entries only (a), normal debit balance

5. Credit entries only (b), normal credit balance

6. Debit and credit entries (c), normal credit balance