Kim Yi has prepared the following list of statements about accounts. 1. An account is an accounting record of either a specific asset or a specific liability. 2. An account shows only increases, not decreases, in the item it relates to. 3.Some items, such as Cash and Accounts Receivable, are combined into one account. 4.An account has a left, or credit side, and a right, or debit side. 5.A simple form of an account consisting of just the account title, the left side, and the right side, is called a T-account. Instructions: Part A. Identify each statement as true or false. If false, indicate how to correct the statement. Part B. Identify debits, credits, and normal balances.

Q: Which of the following transactions would be recorded if using the accrual basis ofaccounting but…

A: Given: To determine the following transactions would be recorded if using the accrual basis…

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 receivable is

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

Q: Which one of the four methods of payments creates an accounts receivable?   Select one:   a.…

A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short period…

Q: Which journal entries is correct when a business entity collects an accounts receivable? A. Cash -…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Accountants have effectively used a system of debits and credits to increase and decrease account…

A: Debit means debit side of the account which is denoted by Dr. Credit means credit side of the…

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: 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: accounts receivable,

A: Account receivable :- When Company Goods sold or tendered service on Credit to customer and Company…

Q: What is the difference between a debit and a credit in accounting? How do these concepts relate to…

A: The relationship between a firm's profits, liabilities, and equity is represented by the accounting…

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: Determine if each statement represents the allowance (A) or direct write-off (DW) approach. On the…

A: The Answer

Q: When a financial transaction occurs, it affects at least two accounts and every ledger account has…

A: Financial Transaction:-Any transaction which takes place between the buyer and seller with the…

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: Accounts receivable are best described as a. Liabilities of the company that represent the amount…

A:

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: Which of the following are the suppliers of goods/services whose invoices have not yet been paid? a.…

A: Accounting can be done in  both cash and accrual method

Q: what is the entry for purchase of supplies on account? * O debit supplies, credit cash O debit…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: An account consists of * O a title, a debit balance, and a credit balance. a title, a left side, and…

A: Accounts are used for recording journal entries in accounting. In making journal entries, at least…

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: The Purchases account in a general ledger: O a. is an asset account. O b. appears on the income…

A: Account: It can be defined as a record in the general ledger that is used by the business to sort…

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: From page 5-3 of the VLN, what is the appropriate relationship to compute net accounts receivable?…

A: Customers who have received goods or services from a business but haven't yet made payment are said…

Q: On a balance sheet what does a line of credit do to the balance sheet does it offset notes payable?

A: A line of credit is an important aspect of accounting in  which the lender and the borrower come…

Q: Which one of the following statements describes the rules about posting transactions into T-accounts…

A: Recording of journal entries is one of the initial step in accounting process. After that, recorded…

Q: Which of the following accounts is not a permanent account?   Select one: a. Utilities Expense b.…

A: A permanent account is the account which is not closed at year end and same is carried to balance…

Q: Accounts receivable is ______________ of an organization. a. Current assets b. Current liabilities…

A: Current assets are all the assets of a company that are expected to be converted into the cash…

Q: What is a receivable?  List two types of receivables and their definitions.

A: Note: Since you have posted multiple questions, we will solve the first question. Please submit a…

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: 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: What is a T-account? On which side is the debit? On which side is the credit? Where does the account…

A: Debits are recorded on the left and credits are recorded on the right side of a T-account with the…

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: Define accounting? Also elaborate the rules for debit and credit in detail.

A: Accounting - It is the recording of financial events along with other functions of storing, sorting,…

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

A:

Q: An expense account normally has a credit balance. True or False

A: Expense Account - It includes day-to-day costs that are incurred in a normal course of business. For…

Q: Explain where the various types of accounts are reported on financial statements.

A: All revenues and expenses accounts are reported on the income statement. Revenues minus expenses are…

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: The distinction between 'accounts payable (AP)' and 'accounts receivable (AR)' is that AP stands for…

A: Accounts Payable (AP) is documented in the AP sub-ledger when an invoice is accepted for…

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.