Mathematics, 29.10.2020 16:50 tishfaco5000
B. Indicate whether the normal balance of the given account is a debit or a credit and whether the increase or
decrease in such account should be a debit or a credit. Check the appropriate box.
Normal Balance
Effect in the Account
Particulars
Debit
Credit
Debit
Credit
1. Equipment was sold for P 350,000.00
2. Notes Recievable was collected in full
3. Loans Payable in bank was paid in full
4. Office furnishings was acquired for
P 35,000.00
5. Insurance in premium for one year was
paid in November
Answers: 3
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B. Indicate whether the normal balance of the given account is a debit or a credit and whether the i...
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