Assets are recorded on which side of the trial balance? Debit side Credit side Both sides None of these

Q: Can I ask normal balance part for accounts payable, which one I should choose? credit or debit? why

A: Liability is the amount that is owed by a company. Liability is divided into two categories that is…

Q: Which of the following will appear on the credit side of a trial balance?

A: Fixed assets (like buildings, machinery, etc.) would typically appear on the debit side of the trial…

Q: __________ is the crediting of one account through the abstraction of money from another account. A.…

A: This relates to ‘fraud’ with regards to different set of accounts. There are different types of…

Q: The T-account is used to summarize which of thefollowing?a. Increases and decreases to a single…

A: T account: A T-account is a tool that is used to help understand individual ledger accounts and the…

Q: Which of the following best describes the classification and normal balance of the accounts…

A: Accounts receivable account generally shows the amount to be received from the customers against the…

Q: Which account is least likely to be debited when revenueis recorded?a. Accounts Payableb. Accounts…

A: Revenue account is credited when revenue is recorded.

Q: Which of the following accounts has a balance whereby credits normally exceed debits? Rent Expense…

A: Assets and Liabilities - Assets are the resources of the organization and Liabilities are the…

Q: Which of the following checks the arithmetical accuracy of accounts? O a. Balance sheet O b. Journal…

A: Arithmetical accuracy of accounts will be there only when the total of debits will be equal to the…

Q: True (t) or False (f) ______ Notes receivable are generally reported as noncurrent assets.

A: Generally, Notes receivable are expected to be matured within 12 months. Therefore, notes…

Q: Which of the following accounts has a normal credit balance? X a. Accounts Receivable b. Yura Wun,…

A: Under double entry accounting system each account have debit or credit balance.All assets have debit…

Q: Which of the following accounts normally has a debitbalance?a. Unearned Revenueb. Rent Expensec.…

A: correct option is b.) Rent Expense Generally Assets, expenses, losses, and the owner's drawing…

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: DO DEBITS AND CREDITS HAVE TO EQUAL ON A TRIAL BALANCE??

A: Trial balance: Trial balance is a summary of all the asset, liability, and equity accounts and their…

Q: An account balance is: Multiple Choice The total of the credit side of the account. The total of the…

A: Ledger means the account prepared where the entries related to one particular account is posted at…

Q: What is an account receivable? O a. Sales O b. Asset O c. Income O d. Creditors

A: Following is the answer to the given question

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: Balancing of account means :(i) Total of debit side(ii) Total of credit side(iii) Difference in…

A: The correct option is option c.

Q: The left side of any account is the credit side 10 A) True B) False

A: Solution: An account is way of record keeping with two sides. One is left side or debit side and…

Q: k charged a check against the company that should ner company add to cash balance per bank True

A: Bank Reconciliation statement reconciles the cash balance of the company records with the bank…

Q: Which of the following is true regarding 'Credit Balance' in ledger account? O a. All options are…

A: Option d is correct.

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: The information below is taken from the shareholders' equity section of the statement of financial…

A: The journal entries are the first step of accounting to record the transactions as debit one account…

Q: What does it mean when Drawings has a normal debit balance or a normal credit balance? Please…

A: Meaning of Drawings:- In accounting, the term "Drawings" refers to the withdrawals made by the owner…

Q: The total credit equal to the total of debit in ledger account is called: O a. Credit balance O b.…

A: The ledger is prepared using journal entries.

Q: est of details of transactions involves testing the transactions which give rise to the ending…

A: Solution Concept Test of details               Test of details is a method used by auditor to verify…

Q: What is the normal balance of accounts payable? Group of answer choices debit either debit or credit…

A: Solution: Accounts payable are liabilities due to purchase of merchandise or services on account.…

Q: Explain why the debit and credit total of a trial balance should always be equal? What are the…

A: In a trial balance, all debits total should always be equal to all credits total. Because as per…

Q: A credit balance on accruals account indicates?

A:

Q: If total debits equal total credits on the trial balance, is the trial balance error-free? Explain…

A: The statement which shows the summary of debit and credit balance is called trial balance. If both…