A contra account will not be listed immediately after its related account. O be potentially classified as a contra-assets or contra-liabilities. always has a normal debit balance. has a normal balance which is the opposite of its related account.

Q: If the credit to record the payment of an account payable is not posted,a. cash will be…

A: The correct option is option “a”. a. cash will be overstated.

Q: Accounts payable and accrued liabilities are interchangeable account titles.

A: Accounts payable: accounts payable is the amount that have to be paid to the supplier of goods or…

Q: What kind of an account (asset, liability, etc.) is Allowance for Doubtful Accounts, and is its…

A: Allowance method: It is a method for accounting for uncollectible receivables, where uncollectible…

Q: Accounts payable are accounts that you expect will be paid to you. True False

A: Accounts payable are those accounts of suppliers from whom business has made credit purchases of…

Q: A debit balance in which of the following accounts would indicate a likely error? a.Notes Payable…

A: Normally all assets and expense accounts in the business have debit balances. All liabilities,…

Q: account, we will ____ it. A. Debit  B. Credit

A: A contra asset account is a type of asset account with a balance that can be either negative or…

Q: Why are the income statement accounts closed but thebalance sheet accounts are not?

A: Income Statement accounts are closed but the Balance Sheet are not closed.

Q: TRUE OR FALSE? Allowance for doubtful accounts will never have a debit balance.

A: Allowance for doubtful accounts is maintained for making provision for those where the debtors are…

Q: true or false  Asset accounts normally have a credit balance

A: Assets are debited when increased and credited when decreased. So the balance remains at the end…

Q: Which one of the following best describes the allowance for doubtful accounts? a.Statement of…

A: Allowance for doubtful debt is created for the accounts receivables whose recovery is uncertain. It…

Q: The notes receivable is debited by the bookkeeper instead of accounts receivable. What is the effect…

A: The assets have the debit balance and liabilities have the credit balance. Every transaction in the…

Q: Excess of Debit side over Credit side is called?

A: Books of accounts contains various ledgers. And these ledgers contain various accounts. These…

Q: The Allowance for Doubtful Accounts account is a contra asset account to Accounts Receivable. True O…

A: ACCOUNT RECEIVABLE   Account Receivable is Also Known as Trade Receivable. Account Receivable is a…

Q: If an account payable is left off the end of the period balance, what are the possible other…

A:

Q: A credit balance in which of the following accounts would indicate a likely error? a.Common Stock…

A: Normally all assets and expense accounts will have debit balance. All liabilities, capital and…

Q: A T-account (ledger account) does not have the word asset, liability or equity. How can you tell…

A: The accounts are maintained by the business in order to keep proper record of the transactions that…

Q: The allowance for doubtful is not:  a. credited when bad debts expense is estimated and recorded…

A: Allowance for doubtful account is a contra asset account which is related to accounts receivables.…

Q: An expense account normally has a credit balance. True or False

A: Expense Account - It includes day-to-day costs that are incurred in a normal course of business. For…

Q: Which one of the following is not a part of an account? Select one: a. Title b. Credit side c.…

A: Account consists of: Date Title Debit side Credit side

Q: ul Accou

A: For accurate financial reporting and determining the true value of accounts receivable, bad debts…

Q: Balance Sheet accounts are not considered real accounts. True O False Jr

A: Balance sheet is also known as statement  of financial position. This shows all assets, liabilities…

Q: Which of the following statements about an adjusted trial balance is true?

A: Trial Balance: Trial balance is a statement which has all accounts of ledger accounts which to be…

Q: Which of the following is not an example of an asset? 
   Group of answer choices Supplies. Accounts…

A: Supplies are the current assets which represent the cost of supplies on hand. Account receivable are…

Q: When an account becomes uncollectible and must be written off as a?

A: Uncollectible accounts considered as those loans, receivables or any other form of debts that have…

Q: Cioffi Manufacturing Company incorporates standards in its accounts and identifies variances at the…

A: Variance refers to a change between the expected value and the actual result. This term is usually…

Q: Allowance for doubtful accounts is an example of a. Asset account b. Expense account c. Contra asset…

A: solution:- Introduction:- Allowance for doubtful accounts means as follows under:- Allowance for…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.