Consider the following accounts and identify each account as an asset (A), liability (L), or equity (E). a. Notes Receivable b. Nunez, Captial c. Prepaid Insurance d. Notes Payable e. Rent Revenue

Q: Define letter of credit.

A: Credit refers to the concept, is defined as the financial agreement where the borrowers receive…

Q: Is Accounts Payable a credit, a debit, or both?

A: Current liability: It implies to the debt obligation that is to be repaid within a span of one year.…

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: Describe the steps involve in the lending or credit process

A: Lending The process involves granting permission to use the money for a specific period of time…

Q: Accounts with normal credit balances include   Question 13 options:   Assets and liabilities…

A: According to basic accounting principles, the ledger accounts that typically have credit balances…

Q: Which of the following accounts is increased by a debit?A. Common StockB. Accounts PayableC.…

A: Debit and credit are two sides of account in accounting framework. All assets, expenses and…

Q: What do you mean by tangible real accounts and intangible real accounts?

A: Real Account :Real Accounts are the ones that are related with properties, assets or possessions.…

Q: How do debits and credits work

A: Debit and credit entry are part of double entry book keeping system. This is used to make an entry…

Q: escribe what is termed as “contingent liabilities” and discuss their accounting treatment.

A: Liabilities can be define as the group of financial obligations which have to be paid by the…

Q: “Credit card” (with an outstanding balance) would be which type of account? a.Proprietary…

A: Introduction: Credit card is a source of short term financing which is unsecured in nature. As these…

Q: Compare secured and unsecured credit in your own words. Cite an example for each. You may place your…

A: Credit refers to the amount of money given by the lender to the borrower in return for which the…

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: Identify the following users as either an internal (I) or an external (E) user. Creditor

A:

Q: A note payable can be used to extend the payment due on an account payable. O True O False

A: Solution: A notes payable is used for financing,  it indicates the money owed by issuer.  By issuing…

Q: Describe the accounting when there is a right of return.

A: The right of return entitles a customer to a full or partial refund of the amount paid or a credit…

Q: Which among the following is prepared to verify that the sum of debits is equal to sum of credits? O…

A: Solution: "Trial balance" is prepared to verify that the sum of debits is equal to sum of credits.…

Q: Which of the following is considered receivables? (select all that applies)  rents   note payables…

A: Receivables are the amounts that are expected to be received by an entity either at present day or…

Q: Is Accounts Payable a debit, a credit, or a combination of the two?

A: Account payable has always a credit balance. It is liability for a person who have acquired some…

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: True or False: The amount-owed component of the FICO score includes the proportion of credit…

A: Below is the correct answer

Q: 1.Define liabilities in your own words. 2.What are the essential characteristics of an accounting…

A: Solution:- 1)Definition of liability as follows under:- Liabilities are debts of a company or…

Q: rms: credit transfer, dishonoured cheque, standing order and give examples, the purposes, advantage

A: Credit transfer can refer to: The transfer of money from one account to another, also called a wire…

Q: The account, Discount on Notes Payable, is a a.contra-asset. b.deferred charge. c.liability.…

A: Discount on notes payable -  It is the amount payable by the concerned investor is less than the…

Q: Define the terms assets and liabilities and give examples of each

A: Assets means anything which is owned by business and used in business. Liabilities means which the…

Q: 1. Give an example of an asset and a liability.

A: The asset and liabilities are two important concepts for firms, banks, individuals, and other…

Q: Define both current liabilities and current assets. In what ways are they related?

A: Maintaining an appropriate balance between current assets and current liabilities is crucial for a…

Q: Chapter 10, Question 16: What are contingent liabilities? List three examples of contingent…

A: Contingent liabilities are the liabilities which will arise on the happening or not unhappening of…

Q: Define financial assets, trade and other receivables and financial liabilities Thanks tutor

A: Financial assets and trade and other receivables are different types of assets that are part of…

Q: A "receipt on account" results in a credit to: An A/P account Bank An A/R account Capital

A: Receipt on account means, cash received from previously made credit sales.

Q: What account is the contra account of Account Receivable?

A: Contra asset account is shown as deduction from the assets in the balance sheet. Increase in Contra…

Q: Explain what is meant by the term real accounts(also known as permanent accounts).

A: Accounting involves recording business transactions in books of accounts.  The first steps of…

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 of the following is a type of off-Balance Sheet activity? a. A demand loan. b. A Letter of…

A: Introduction:- Off-balance sheet  refer to activities that are effectively assets or liabilities of…

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.