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A contra-asset has a normal debit balance.
Question
Asked 5/22/2013 9:54:33 PM
Updated 3/1/2015 11:37:55 AM
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User: A contra-asset has a normal debit balance.

Question
Asked 5/22/2013 9:54:33 PM
Updated 3/1/2015 11:37:55 AM
1 Answer/Comment
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A contra-asset has a normal debit balance. This statement is False.

A contra asset account is an asset account which is expected to have a credit balance (which is contrary to the normal debit balance of an asset account).

Added 5/22/2013 10:38:18 PM
This answer has been confirmed as correct and helpful.
Confirmed by debnjerry [3/1/2015 11:38:04 AM]
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Questions asked by the same visitor
When Delivery Equipment is purchased on account, the journal entry to record this transaction includes Answer A. debiting Delivery Equipment and crediting Accounts Payable. B. debiting Delivery Expense and crediting Cash. C. debiting Delivery Expense and crediting Accounts Payable. D. debiting Delivery Equipment and crediting Cash.
Question
Updated 3/1/2015 11:37:24 AM
1 Answer/Comment
When Delivery Equipment is purchased on account, the journal entry to record this transaction includes: debiting Delivery Equipment and crediting Accounts Payable.
Added 3/1/2015 11:37:16 AM
This answer has been confirmed as correct and helpful.
The journal provides the information needed to transfer debits and credits to the accounts in the general ledger. A. True B.False
Question
Updated 7/25/2018 1:20:19 AM
1 Answer/Comment
The journal provides the information needed to transfer the debits and credits to the accounts in the ledger. TRUE.
Added 7/25/2018 12:31:32 AM
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Confirmed by matahari [7/25/2018 12:47:17 AM]
The balance sheet reports assets, liabilities and owner's equity on a specific date. true or false
Question
Updated 5/4/2015 2:13:46 AM
3 Answers/Comments
The balance sheet reports assets, liabilities and owner's equity on a specific date. TRUE.



Added 5/4/2015 2:13:46 AM
This answer has been confirmed as correct and helpful.
Confirmed by jeifunk [5/4/2015 2:16:35 AM]
The account to which the Owner, Drawing account is closed at the end of the accounting period is Answer A. Revenue. B. Income Summary. C. Owner, Capital. D. Cash.
Question
Updated 5/16/2018 1:19:42 AM
1 Answer/Comment
The account to which the Owner, Drawing account is closed at the end of the accounting period is Owner, Capital.
Added 5/16/2018 1:19:42 AM
This answer has been confirmed as correct and helpful.
The purpose of the trial balance is to prove that the total of the debit balances and the total of the credit balances in the ledger accounts are equal. True or False.
Weegy: The purpose of the trial balance is to prove that the total of the debit balances and the total of the credit balances in the ledger accounts are equal. TRUE. (More)
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