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: Accounts receivable is

A: Account  Receivable is classified as an  Correct answer :- A.  An Assets

Q: Received interest revenue of RO. 525. In the Interest revenue ledger Select one: O a. Interest…

A: Answer :  Correct option is C. Interest Revenue  RO 525 - On the Credit side.

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: In a worksheet's Income Statement columns, which debit account type is balanced?

A: A worksheet is prepared to analyze the account balances efficiently. It includes the account…

Q: Payables and Receivables. As a financial manager, would you prefer that the accounts payable period…

A: The longer the period one can wait to make payment for the inventory, the longer will be the A/P…

Q: Use the Income Summary T-Account and words in the word bank to fill in the statements below. 1. The…

A: Income statement means a summary of revenue and expenditure of the organisation during a year and…

Q: O a. Entry at two separate dates in a credit and cash transaction

A: Journal entry is a primary entry that records the financial transactions initially. The transactions…

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: Which of the following is the account where the increases are recorded to the receivable side and…

A: Company sell products on credit and these selling create customers on credit so these are to be…

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: We report accounts receivable in the balance sheet at the amount expected to be collected. Explain…

A: Account receivable: The amount of money to be received by a company for the sale of goods and…

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

A:

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: 1. What is the formular for Accounts Recieveables?  2. What is the formular for Accounts Payable?

A: Accounts Receivable - Accounts Receivables are the amount that is not paid by the customers who had…

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: A credit balance on a ledger account indicates……… a.an asset or expense b.a liability or an expense…

A: A credit balance is expected for the following accounts: i) Liability accounts  such as accounts…

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

A: Option d is correct.

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 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…

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: 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: When you collected Accounts Receivables, your entry would include?

A: Accounts Receivable is shown as an asset in the books of accounts and has a debit balance. When the…

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.