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6 January, 12:10

The following accounts, in alphabetical order, were selected from recent financial statements of Krispy Kreme Doughnuts, Inc.

For each account, indicate whether the normal balance is a debit or a credit, and the financial statement-balance sheet or income statement-where the account should be presented.

Account Normal Balance Debit/Credit Balance Sheet or Income Statement

Accounts payable

Accounts receivable

Common stock

Depreciation expense

Interest expense

Interest income

Inventories

Prepaid expenses

Property and EquipmentRevenues

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Answers (1)
  1. 6 January, 12:23
    0
    The list is as follows:

    Accounts payable - Credit - Balance Sheet

    Accounts receivable - Debit - Balance sheet

    Common stock - Credit - Balance Sheet

    Depreciation expense - Debit - Income Statement

    Interest expense - Debit - Income Statement

    Interest income - Credit - Income Statement

    Inventories - Debit - Balance sheet

    Prepaid expenses - Debit - Balance sheet

    Property and Equipment - Debit - Balance sheet

    Revenues - Credit - Income Statement
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