Which of the following groups of accounts have a normal debit balance a) revenue, liabilities, and capital b) assets, capital, and withdrawals c) liabilities, expenses, and assets d) assets, expenses and withdrawals
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Gates Co. purchased machinery on January 2, 2005, for $440,000. The straight-line method is used and useful life is estimated to be 10 years, with a $40,000 residual value. At the beginning of 2011 Gates spent $96,000 to overhaul the machinery.
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