nterest payable, retained earnings, and sales revenue have a balance whereby credits normally exceed debits * True False

Q: Receivables are amounts due from others that arise from the sale of goods or services. Select one:…

A: Accounts receivables represents the amount due to firm for the goods or services sold on credit.…

Q: Net Income when debit balance and credit balances are the same

A: In the above questions we have asked about net income when debit and credit balance are equal.

Q: TRUE or FALSE. Under casual factoring, the difference between the carrying value of the accounts…

A: Factoring is technique of selling yours accounts receivable to a bank or financial institutions at a…

Q: Which of the following accounts normally has a debitbalance?a. Unearned Revenueb. Rent Expensec.…

A: correct option is b.) Rent Expense Generally Assets, expenses, losses, and the owner's drawing…

Q: hat is the difference between a nominal account and a real account?

A: Accounting transactions for a separate fiscal year are recorded in a nominal account. Accounting…

Q: Which of the following accounts is a temporary account? Multiple Choice Accounts receivable.…

A: Temporary accounts are written off in the income statement and not visible in the balance sheet.…

Q: Which of the following groups of accounts increase with a credit? a.common stock, revenues,…

A: For recording any transaction in accounting, there must be two aspects, debit and credit. A credit…

Q: Which of the following statements is true?a. Credit sales increase receivables.b. Collections on…

A: Accounts receivable (AR) refers to the balance of cash/money because of a firm for products or…

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: Which one of the following statements is NOT true about account receivables? Select one: a. Account…

A: Accounts receivable: if sale is made on cash the supplier immediately collects the cash and no…

Q: In a current account, the payee is the debtor and the drawee is the creditor. True False

A: Lets understand the basics. Payee is a person on whom payment is needs to make so he is a creditor.…

Q: Under accrual-basis accounting,sales made on credit are usually reported as: A.liabilities…

A: There are two type of bases used in accounting purpose. One is cash basis of accounting and other is…

Q: What is an account receivable? O a. Sales O b. Asset O c. Income O d. Creditors

A: Following is the answer to the given question

Q: A debit balance in the Income Summary account represents a net loss. O True O False

A: The income summary account is a nominal account used to close the temporary accounts of the business…

Q: Explain why the percentage-of-receivables method is referred to as the balance sheet method and the…

A: Percentage-of-receivables method:   It is a method of estimating the bad debts (loss on extending…

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

A: Option d is correct.

Q: The realizable amount of notes receivable is considered. a. Income b. all of the above c. Noncurrent…

A: A note receivable is also known as a promissory note. In other words Notes receivable are a balance…

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: True or false Credits Increases in liabilities and revenue. Decrease in assets and expenses?

A: Assets - Assets are the resources owned by the company from the capital invested. Liabilities -…

Q: Hi why is the net income on the credit side and not debit?

A: Net Income - Net Income is the result of the revenue over expense incurred by the company. It will…

Q: The practice of recording advance payments from customers as a liability is an example of applying…

A: Under the Cash Basis of Accounting, revenue is considered only when the actual amount is received…

Q: is the debit and credit of revenue the same as retained earnings true or false

A: Increase in revenue is recorded as a credit.decrease in revenue (rare, as revenue is usually…

Q: true or false  Expense Accounts normally have a credit balance

A: In accounting, some rules of debit and credit are defined to make journal entries. These are rules…

Q: Assets are increased by debits and liabilities are decreased by credits. TRUE FALSE

A: Hey, since there are multiple questions posted, we will answer the first question. If you want any…

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…

Q: Which of the following accounts are characterized as a "contra" account? (Select ALL tha apply) O…

A: Contra account: Contra effect of the transaction recorded on the opposite side

Q: The primary advantage of the single- step income statement format lies in the simplicity of…

A: 1 TRUE     Explanation: Advantage of the single-step formate, it's an easy statement    to…

Q: How are gain contigencies reported in the financial statements?

A: A gain contingency A  gain contingency  is a possible gain arising from past events but whose…

Q: Which of the following statements would be consideredtrue regarding debits and credits?a. In any…

A: The following is true about debits and credits

Q: In profit and loss account, if debit is more than the credit, the difference is [A] net profit [B]…

A: In profit & loss (P&L) account the difference between debit and credit balances is termed as…