In the following table, indicate how to increase or decrease (debit or credit) each account, and...
In the following table, indicate how to increase or decrease (debit or credit) each account, and indicate its normal balance (debit or credit).
Increased Decreased Normal
by by Balance
(debit (debit (debit
or credit) or credit) or credit)
Title of Account
Merchandise Inventory
Sales
Sales Returns and Allowances
Sales Discounts
Accounts Receivable
Purchases
Purchase Returns and Allowances
Purchase Discounts
Reference-Established up your response in EXCEL workbook as the Table shown in the question & put your reply of Debit (DR) or Credit (CR) under action item in each heading for the respective Account.
Homework Answers
Answer
--Requirement asked
| Increased by | Decreased by | Normal balance | |
| Merchandise Inventory | Debit | Credit | Debit |
| Sales | Credit | Debit | Credit |
| Sales Returns and Allowances | Debit | Credit | Debit |
| Sales Discounts | Debit | Credit | Debit |
| Accounts Receivable | Debit | Credit | Debit |
| Purchases | Debit | Credit | Debit |
| Purchase Returns and Allowances | Credit | Debit | Credit |
| Purchase Discounts | Credit | Debit | Credit |
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