Question and answer
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
s
Get an answer
Original conversation
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
New answers
Rating
0
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]
Comments

There are no comments.

Add an answer or comment
Log in or sign up first.
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
This answer has been confirmed as correct and helpful.
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)
Question
Updated 11/22/2018 6:30:08 AM
0 Answers/Comments
32,308,398
questions answered
Popular Conversations
Egyptians used the Nile to __________ ...
9/21/2020 8:47:35 PM| 6 Answers
What is 1+1
Weegy: A kiva is a room used by Puebloans for religious rituals and political meetings, many of them associated with ...
9/28/2020 8:40:38 AM| 4 Answers
As a result of Union and Confederate casualties during the Battle of ...
Weegy: Battle of Gettysburg Ends.
9/28/2020 1:22:52 PM| 3 Answers
I didn’t do my homework; consequently, I did not get credit for the ...
Weegy: The movie was really bad; therefore, many people left early.
9/25/2020 7:18:53 PM| 3 Answers
The effort made by the mother's body to move the baby from the uterus ...
Weegy: The effort made by the mother's body to move the baby from the uterus and through the birth canal is called ...
9/23/2020 1:16:59 PM| 3 Answers
GET
Answers.
GET THE APP.
weegy*
*
Get answers from Weegy and a team of really smart live experts.
S
L
L
1
Points 49 [Total 6813] Ratings 1 Comments 39 Invitations 0 Online
S
L
P
L
P
P
L
Points 31 [Total 10049] Ratings 0 Comments 31 Invitations 0 Online
S
L
P
R
P
R
L
P
P
C
R
P
R
L
P
R
P
R
Points 8 [Total 15683] Ratings 0 Comments 8 Invitations 0 Online
S
L
P
Points 3 [Total 1327] Ratings 0 Comments 3 Invitations 0 Online
S
L
Points 1 [Total 2342] Ratings 0 Comments 1 Invitations 0 Offline
* Excludes moderators and previous
winners (Include)
Home | Contact | Blog | About | Terms | Privacy | © Purple Inc.