Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

2. Transaction Analysis

Journal Entries: Debits and Credits

Financial Accounting

2. Transaction Analysis

Journal Entries: Debits and Credits

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Multiple Choice

Which of the following accounts usually has a debit balance?

Accumulated Depreciation

Cash

Service Revenue

Accounts Payable

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Verified step by step guidance

Understand the concept of debit and credit balances: In accounting, accounts are classified into assets, liabilities, equity, revenue, and expenses. Asset and expense accounts typically have debit balances, while liability, equity, and revenue accounts usually have credit balances.

Analyze each account type: Accumulated Depreciation is a contra-asset account, meaning it reduces the value of an asset and typically has a credit balance. Cash is an asset account and usually has a debit balance. Service Revenue is a revenue account and typically has a credit balance. Accounts Payable is a liability account and usually has a credit balance.

Focus on the account that matches the criteria: Since the question asks for the account that usually has a debit balance, identify the account type that aligns with this characteristic.

Confirm the correct answer: Based on the analysis, Cash is the account that usually has a debit balance because it is an asset account.

Review the reasoning: Ensure that the classification of accounts and their typical balances are understood to reinforce the concept for future problems.