om tier tot rieen ni T8 c bing nagmo0 eonsuen erT Account DB CR Revenve bexo 2,500 2500 8. The Insurance Company was paid $1,000 in interest on a bond payable. rleno A Debit/ Credit Effect on Account Account Assot AsseL Cash decrease increase decrease Interest Revenue increase sonsiueni er CR 000,0082 1o epaphorm s no loot gmo Account iber) Vide( inuogA no jostE enibliua eldsys9 ogsphoM OEBG1oeb 61 ©201 ALOSO

Q: Explain the alternatives in accounting for prepaids.

A: Prepaid expenses: Prepaid expenses refer to the payments which are made in advance and the amount…

Q: In a system like QuickBooks Online, when should you create an invoice? a. When a customer…

A: There are two ways recording sales Transaction in Quick books.   1. If customer Do not pay at time…

Q: What are the basic entries to recognize an account receivable?

A: Solution- Accounts receivable (AR) is money that your customers owe you for buying goods and…

Q: How do companies account for gift cards?

A: Gift Cards Gift cards are one form of advance collection of revenues.

Q: In Quickbooks, for a purchase on account and the subsequent payment for the purchase, which business…

A: To require: In Quickbooks, for a purchase on account and the subsequent payment for the purchase,…

Q: Morgan had net sales of $1,041,105 and average accounts receivable of $157,000. Its competitor,…

A: Accounts Receivable Turnover is the ratio between net sales and average accounts receivable. It is…

Q: How do debits and credits work

A: Debit and credit entry are part of double entry book keeping system. This is used to make an entry…

Q: How to record a credit invoice when the business has issued it but has not recorded it

A: Adjusting entries are recorded at the end of the accounting period to maintain the accrual base…

Q: Please tell us about Purchases Discounts and Purchases Returns and Allowances.  Please indicate the…

A: Purchase discount refers to a form of deduction or declined approved by the seller when the buyer of…

Q: n which journal is the receipt of a promissory note from a customer on account recorded ? a.…

A: Revenue journal is used for recording sales income. When sales are made Revenue a/c is credited and…

Q: Pass Journal entries in the books of the company assuming that all allotment money was received and…

A: A company can issue shares to public either at lump sum or at installments . In lump sum issue, the…

Q: Compare secured and unsecured credit in your own words. Cite an example for each. You may place your…

A: Credit refers to the amount of money given by the lender to the borrower in return for which the…

Q: What is the name of the document used for recording credit sales

A: Credit sales means when goods and services are being sold to customers on credit basis and customers…

Q: what is accounts payable?

A: Liabilities: The claims creditors have over assets or resources of a company are referred to as…

Q: Demonstrate, using practical example how to prepare accounts from the Sales day book and Sales…

A: The sales day book is a manually-maintained ledger in which is recorded the key detailed information…

Q: credit

A: Credit card can be defined as a payment card where line of credit is provided to the customers. With…

Q: Which of the following documents is issued by a customer to provide information about the  nature of…

A: Every transaction that takes place in a business should be recorded appropriately in the books of…

Q: posting from a sales journal to an accounts receivable ledger?

A: Sales journal is also referred as sales book or sales day book.  All the credit sales are recorded…

Q: Which of the following transactions will require a journal entry? Indicate if it will be a debit or…

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

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: Which of the following is an advantage of using a credit card? O Your spending is limited to the…

A:

Q: What is open-end credit and give and example

A: Open-end credit is a type of loan which is approved between the borrower and the financial…

Q: 7) When recording a customer credit card payment on account using QuickBooks, select: A) Create…

A: The following options are clearly evaluated to identify the same method of recording a credit card…

Q: Hello, I am a bit stuck about the topic of T accounts for Debits and Credits. Could you maybe…

A: The account is a summary showing the detail of the transaction that took place. The account is a…

Q: The General Ledger Question: What does the general ledger debit/credit account number mean? It is…

A: The general ledger can be defined as the way of recording the company's total financial assets. The…

Q: Sales made to person on credit should be credited to which of following ledger accounts

A: Accounting is essential to operating a company since it allows businesses to track income and…

Q: If you offer gift cards to clients, when should you record your revenue

A: According to the revenue recognition policy, the timing of recording income in the books must be…

Q: What are receivables credits? Please explain.

A: Receivable refers to the assets of the company created due to sale of goods and service on credit to…

Q: need help with T account balance. How do you total T accounts?

A: T- account is defined as the set of the financial records which uses the double entry bookkeeping…

Q: The purchase journal is____. Select one: A. all of the above B. used to record all purchases C.…

A: Correct option is C i.e. used only to record credit purchases

Q: You pay your business phone bill paying cash. How would you record this transaction? * O Debit Bank,…

A: A business phone bill is an expense account. Expense accounts have a nominal debit balance. When the…

Q: Explain how to record note payable transaction.

A:

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: how is credit check in advance technology is different from credit check in basic technology

A:

Q: please i need help with quickbooks, please tell me in quickbooks where do i supposed to records…

A: Solution: (1) Date Account Dr Cr   Insurance that has been paid in advance $1,200…

Q: In Tally, Vouchers serve as a medium to record an entry of any transaction or event and it’s posting…

A: Voucher A voucher is a document that contains details of a monetary dealings and is needed for…

Q: Identify and explain credit scores and credit reports including accessing them

A: Credit is defined as the trust, which helps in allowing one party for providing the funds or…

Q: Indicate whether the statement is true or false. 1. A credit card can be used to purchase items on…

A: Credit card can be used to purchase items on credit only

Q: How did you get the discount on Note payable in JE number 2?

A: Truck #2Truck$14,727  Discount on Notes Payable$1,273        Cash $2,000       Notes Payable $14,000…

Q: romissory notes can be used in which of the following cases? a. Lending money b. All the given…

A: Explanation: Promissory note: A promissory note is a legal financial instrument that has a written…

Q: For a Credit Invoice Received, which entry should be made?   debit to sales returns and…

A: Journal entry is the process of recording the business transactions in the books of accounts for the…

Q: Please explain what this phrase means: "Debit the Receiver, Credit the Giver."

A: Accounts are mainly classified into 3 categories: Personal accounts Real accounts Nominal accounts…

Q: Which accounts commonly requires both debit and credit entries?

A: Debit and credit sides are two sides of a general ledger account. Normally all assets and expenses…

Q: Briefly explain the difference between a sales receipt and an invoice in QuickBooks

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Measuring Your Credit Capacity

Credit capacity means determining one’s ability to manage credit. The credit capacity of the individual or an organization is measured based on the details of the earnings, expenses, and previous debts. Credit capacity valuation is crucially required in obtaining huge debt obligations from a lender such as housing loans, car loans, and business loans.