Complete the following table by indicating for (a) through (g) whether the proper answeris debit or credit:NormalDecreaseBalanceAccountIncreasePurchasesdebit(a)(b)Purchases Discountscredit(c)creditPurchases Returns and Allowances(d)(e)(f)Freight Indebit(g)debit

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Answered: Complete the following table by…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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If the balance in Cash Short and Over at the end of a period is a credit, it should be reported as "Other Income" on the income statement. Please explain with full explanation. a. True b. False
Just answer letter D and E
For every debit entry there must be a credit entry. O A. Principle of entity O B. Principle of double entry O C. Principle of historical cost OD. Principle of materiality Previous page
A cash discount on purchases should be debited to ______________ Select one: A. a revenue account B. a creditor account C. a debtor account D. an expense account
Multiple choice
Recording cost of goods sold is a/an A. cash entry B. deferral entry C. accrual entry D. adjusting entry E. paid bill entry
b) Show the model of atleast one Credit Sales invoice, Purchase invoice, Debit note and Credit note. (you can use imaginary figure)
It is an amount owed to suppliers for goods purchased or services performed on credit. a. Outstanding expenses b. Accounts payable c. Unearned revenues d. Bank overdrafts
Under the direct charge-off method, when a specific account receivable is written off, what account is debited and what is the effect of the write-off on net income and on assets? debit Accounts Receivable; the write off decreases net income and total assets debit Allowance for Uncollectible Accounts; the write off increases net income and total assets debit Uncollectible Accounts Expense the write off decreases net income and total assets debit Uncollectible Accounts Expense; the write off increases net income and total assets A
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Recording revenue when you have completed a sale of merchandise the way we are doing it is A. cash entry B. deferral entry C. accrual entry D. adjusting entry E. paid bill entry

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Complete the following table by indicating for (a) through (g) whether the proper answer is debit or credit: Normal Decrease Balance Account Increase Purchases debit (a) (b) Purchases Discounts credit (c) credit Purchases Returns and Allowances (d) (e) (f) Freight In debit (g) debit