For each of the following accounts indicate the effect of a debit or a credit on the account and the normal balance (Debit or Credit). Increase (+), Decrease (–).  Debit _Credit_ Normal Balance a. Salaries and Wages Expense. _______ _______ _______ b. Accounts Receivable. _______ _______ _______ c. Service Revenue. _______ _______ _______ d. Dividends _______ _______ _______ e. Retained Earnings. _______ _______ _______

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 is a nominal account? a. Retained earnings b. Accounts receivable c.…

A: Nominal account includes all of a company's income statement items and the balance of owner's…

Q: The adjusting entry to account for estimated customer returns and allowances involves a a. credit to…

A: Sales returns means goods being returned by customer. Sales allowances means reductions are being…

Q: What entry format is appropiate if sales returns and allowances occur on factored accounts? a.…

A: Journal is a place where accounting transactions are listed in the book keeping system before ledger…

Q: By the percent of sales method how determine the amount of the adjusted balance of accounts…

A:

Q: What is the name of the system of accounting for recording transactions, based on recording…

A: Solution: Double entry accounting system is a system of accounting that ensures that every financial…

Q: The Sales Returns and Allowances account is reported as a

A: Sales Return refers to the process of returning goods by a customer back to the company or…

Q: The amount reported on the balance sheet for accounts receivable (gross accounts receivable minus…

A: The Trade Accounts Receivable are indeed an highly liquid assets that can be easily converted into…

Q: What is the impact on the accounting equation when an accounts receivable is collected?A. both sides…

A: Accounting equation is one of the important concept used in accounting. Three elements of accounting…

Q: Trial Balance is prepared to check accuracy of A. Ledger account balances B.Balance sheet balances…

A: Trial balance is the summary of all ledger accounts which is prepared after posting journal entries…

Q: Which account is least likely to appear in an adjustingjournal entry?a. Cashb. Interest Receivablec.…

A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year,…

Q: Which type of checking account pays interest on the mean balance of the account during a particular…

A: The checking account are important part of banking system. A checking account is highly liquid…

Q: 1) What is the difference between Interest Receivables and Account Receivables and Interest…

A:

Q: How is the account Unearned Fees classified and what kind of balance should it have? Group of answer…

A: A current liability is an obligation for the company that has to be paid off within a year. It would…

Q: What is the connection between an account's balance sheet equation position and the rules for…

A: The connection between an account's balance sheet equation position and the rules for recognizing…

Q: O O O O BIOWIng statement is a correct statement about the direct write-off method for calculating…

A: Account Receivables -Money owed to a company by customers for goods or services rendered but not…

Q: In which of the following types of accounts are increases recorded by credits?   Question 8 options:…

A:

Q: If the balance in Cash Short and Over at the end of a period is a credit, it should be reported as…

A: The income statement is the statement in which all the revenue and expenses concerning operations…

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.