Normal Balance Accounts Type of Account (Debit or Credit) 1. Supplies 2. Advertising Expense 3. Prepaid Insurance 4. Supplies Expense 5. Accounts Payable 6. Equipment 7. Dividends 8. Accounts Receivable 9. Retained Earnings 10. Deferred Revenue 11. Service Revenue 12. Utilities Payable

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: Accounting systems are designed to show the increases and decreases in each accounting equation…

A: Solution: A account contains a record of business transactions. It is a separate record within the…

Q: What accounts go on the income statement? How are income statements completed?

A: Income statement is a part of the financial statement which is prepared by an organization. Income…

Q: 1. Issued stock to investors for $13,300 in cash. 2. Purchased used car for $10, 100 cash for use in…

A: The different transactions in the business affects two or more accounts of the business, with one…

Q: For the following accounts indicate whether the normal balance is a debit or a credit A. Unearned…

A: As , normally accounts are classified under 4 different heads  a. Assets  b. Liabilities c. Expense…

Q: The five basic account types are: Asset Liability Owners Equity Revenue Expense   What is the…

A: 1. Asset = Debit Balance 2. Liability = Credit Balance 3. Owners Equity = Credit Balance 4. Revenue…

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: 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: For the following accounts please indicate whether the normal balance is a debit or a credit. A.…

A: Introduction: Each and business every transactions effects minimum two entries. 1 ) Debit 2 )…

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: Classify each account below using the following alternatives: Asset, Liabilities, Equity, Revenue,…

A: The income statement involves the net income or net income that is calculated by deducting the…

Q: Which of the following accounts belongs in the liability section of a balance sheet? Select an…

A: Among the options provided, "Accounts payable" belongs in the liability section of a balance sheet..

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…

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.