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Debit and Credit Procedures A list of accounts for Montgomery Inc. appears below. Required: Complete the table below for these accounts. The information for the first account has been entered as an example. Account Type of Account Normal Balance Increase Decrease Accounts Payable Liability Credit Credit Debit Accounts Receivable SelectAssetContra AssetEquityExpenseLiabilityRevenueItem 1 SelectCreditDebitItem 2 SelectCreditDebitItem 3 SelectCreditDebitItem 4 Accumulated Depreciation SelectAssetContra AssetEquityExpenseLiabilityRevenueItem 5 SelectCreditDebitItem 6 SelectCreditDebitItem 7 SelectCreditDebitItem 8 Cash SelectAssetContra AssetEquityExpenseLiabilityRevenueItem 9 SelectCreditDebitItem 10 SelectCreditDebitItem 11 SelectCreditDebitItem 12 Common Stock SelectAssetContra AssetEquityExpenseLiabilityRevenueItem 13 SelectCreditDebitItem 14 SelectCreditDebitItem 15 SelectCreditDebitItem 16 Depreciation Expense SelectAssetContra AssetEquityExpenseLiabilityRevenueItem 17…

Account Titles and Explanation (To record sales on account) (To record collection of accounts receivable) Debit Credit 100

Answer the balance column of the general ledg

Need help with 15, 17, and 19. Thanks!

What account is credited when you record a credit memo for uncollectable receivables? A. Accounts receivable B. Checking C. Bad Debt D. Accounts Payable

(a) Received $12,000 from Katie Long, owner. Purchased equipment for $25,000, paying $10,000 in cash (b) and giving a note payable for the remainder. (c) Paid $1,800 for rent for April (d) Purchased $9,800 of supplies on account. (e) Recorded $2,250 of fees earned on account. (f) Received $9,000 in cash for fees eamed (g) Paid $300 to creditors on account Paid wages of $1,650 (h) Received $1,190 from customers on account. (i) ()Recorded owner's withdrawal of $2,350

What is the GL entry when a company receives a payment from a customer? Debit revenue, credit customer Debit customer, credit revenue Debit bank, credit customer, credit accounts reconciliation account Debit accounts reconciliation account, credit bank Debit accounts reconciliation account, debit customer, credit bank

A credit memorandum results in a(n) ___ in a customers accounts receivable file. A. memo B. decrease C. Transer D. Increase

From pages 5-1 and 5-3 of the LVN, match the term with its explanation. Put the answers in the right order *The amount of the A/R expected to be collected. * The cost of credit * The amount of the A/R not expected to be collected. * The account recognized when credit sales are recorded. Net Accounts Receivable______ Allowance for Uncollectible Accounts_______ Bad debt expense______ Accounts Receivable______