Office Furniture, Wages Payable and Dividends Have Normal Balances Of

question 36

Multiple Choice

Office Furniture, Wages Payable and Dividends have normal balances of:

• A)credit, credit, and credit, respectively.
• B)debit, credit, and debit, respectively.
• C)debit, debit, and credit, respectively.
• D)credit, debit, and debit, respectively.

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Definitions:

Financial Statement

A formal record of the financial activities of a business, person, or other entity, presented in a structured manner to understand financial conditions and operations.

Normal Balance

The side of an account (debit or credit) where increases are recorded, depending on the account type.

Permanent/Temporary

Refers to the duration of an object, situation, or condition, where "permanent" is enduring or lasting forever, and "temporary" is limited in time.

Deposit Ticket

A document accompanying a bank deposit, listing the amount and items being deposited, such as cash and checks.