All of the Following Accounts Have Normal Debit Balances Except

question 67

Multiple Choice

All of the following accounts have normal debit balances except:

• A) Accounts receivable
• B) Dividends
• C) Supplies expense
• D) Service revenue

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Definitions:

Total Profit

The total financial gain made by a business after subtracting all expenses from the total revenue generated from operations.

Market Price

The prevailing price for transactions involving an asset or service in a certain market.

Purely Competitive

A market structure characterized by many buyers and sellers, free entry and exit from the market, and a homogeneous product, where no single buyer or seller can influence the market price.

Maximized Profits

Maximized profits refer to the maximum earnings a firm can achieve when the difference between total revenue and total cost is greatest.