For each of the following accounts, state type of account and the normal account balance. Assume a periodic inventory system.
$$\begin{array} { | l | l | l | }
\hline \text { Account Title } & \text { Type of Account } & \text { Normal Account Balance } \
\hline \text { Purchase Returns and } & & \
\text { Allowances } & & \
\hline \text { Merchandise Inventory } & & \
\hline \text { Purchases } & & \
\hline
\end{array}$$

Question

For each of the following accounts, state type of account and the normal account balance. Assume a periodic inventory system.
 $$\begin{array} { | l | l | l | } 
\hline \text { Account Title } & \text { Type of Account } & \text { Normal Account Balance } \
\hline \text { Purchase Returns and } & & \
\text { Allowances } & & \
\hline \text { Merchandise Inventory } & & \
\hline \text { Purchases } & & \
\hline
\end{array}$$

Quizplus · Accepted Answer

The Answer of For each of the following accounts, state type of account and the normal account balance. Assume a periodic inventory system.
 $$\begin{array} { | l | l | l | } 
\hline \text { Account Title } & \text { Type of Account } & \text { Normal Account Balance } \
\hline \text { Purchase Returns and } & & \
\text { Allowances } & & \
\hline \text { Merchandise Inventory } & & \
\hline \text { Purchases } & & \
\hline
\end{array}$$

For Each of the Following Accounts, State Type of Account