Several accounts are listed below a. Purchases Returns and Allowances b. Sales Discounts c. Wages Expense d. Allowance for Doubtful Accounts e. Unearned Rent f. Income Taxes Payable g. Dividends Distributed h. Interest Revenue i. Inventory   REQUIRED: List the accounts above that would normally have a credit balance

Q: Which of the following accounts is not normally part of the revenue and collection cycle?a. Sales.b.…

A: Revenue and collection cycle is business process related to the products delivery and collection of…

Q: The credit terms of a sale are normally indicated on a(n): a.check. b.invoice. c.bill of lading.…

A: Credit terms are terms that indicate when payment is due for sales and discount offered.

Q: Which of the following best describes the classification and normal balance of the accounts…

A: Accounts receivable account generally shows the amount to be received from the customers against the…

Q: When goods are sold on credit the account of a customer is called : Select one: a. Purchases Return…

A: Lets start one by one to understand the all the terms, Purchase return:- It is a type of transaction…

Q: Which item will appear on the credit side of the ledger account? a. Salary b. Drawings c. Service…

A: All expenses, losses, and assets should be debited and all revenue, income, gain, and liabilities…

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: Preparing a balance sheet, allowance for uncollectible accounts goes under what heading?

A: Allowance for Uncollectible Accounts indicates the amount of receivables that are expected to remain…

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: When recording a purchase of inventory on credit, which accounts are typically affected? A) Debit…

A: When assets or expenses increases it should be debited and when decreases it should be…

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: Which of the following accounts does not belong in the purchases and disbursement cycle? A.…

A: Purchase Cycle: Purchase cycles (also known as buying cycles) refer to the steps that customers take…

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: Briefly explain the accounting treatment for sales returns and allowances. Where are these accounts…

A:

Q: ndicate the normal balance and category of each of the following​ accounts:   CATEGORy options ARE:…

A: All expenses, losses, and assets should be debited and all income, gain, and liabilities should be…

Q: What is the journal entry for recording credit sales? a. Cash Dr. and Sales Cr b. Sales Dr. and…

A: Journal entry for Recording credit sales: Accounts Receivable [Debit]          Sales [ Credit]

Q: Which of the following groupings of accounts includes only accounts that carry a normal credit…

A: The assets and expenses have the normal debit balance and these accounts are debited with increase…

Q: 6. An example of a contra-revenue account found on the Income Statement is the M O A. Sales Returns…

A: A revenue account that is anticipated to have a debit balance is referred to as a contra revenue…

Q: Sales Service and Service Revenue are two income statement accounts that relate to Accounts…

A: Step 1 While reporting income from operations via statement of income, then two more accounts other…

Q: Which of the following accounts does not belong in the purchases and disbursement cycle?

A: A disbursement is the paying out of funds, whether to make a purchase or other transaction.…

Q: which of the following account will be least likely involved in the purhasing sub-process of the…

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

Q: Two bases for estimating uncollectible accounts are: Select one: O A percentage of recelvables and…

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

Q: Sales Returns and Allowances account is report it like

A: Sales returns occur when goods are given back by the customer due to defects in terms of…

Q: The classification and normal balance of the sales discount account would be A. expense and debit B.…

A: The seller for increasing their sales uses the sales discount method and for recovering early…

Q: Which item will appear on the credit side of ledger account?

A: General ledger:   General ledger is a book of original entry which records the accounting data in…

Q: How to determine the unadjusted balances of accounts receivable by using the percent of sales method…

A: There are two methods to determine the uncollectibles out of the credit sales. 1. Percentage of…

Q: Which of the following accounts would normally have adebit balance?a. Inventoryb. Sales Returns and…

A: Normal balance refers to the excess of amount on one side, over the amount on the other side in an…

Q: COMPLETION STATEMENTS ​1.​Notes and accounts receivable that result from sales transactions are…

A: "Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: How to calculate the account receivable turnover ratio in a balance Sheet and income statement…

A: The records owed turnover proportion, otherwise referred to as the borrower's turnover proportion,…

Q: Which of the following is an example of a contra revenue account?A. salesB. merchandise inventoryC.…

A: This account book transaction would be linked to certain associated accounts of a different sort.…

Q: Identify the items from the following list that are likely to serve as source documents. Item a.…

A: • Source documents are those documents that serve as the basis on which the accounting transaction…

Q: Which of the following accounts has a normal debit balance? a.Accounts Payable b.Sales c.Interest…

A: Accounts Payable: Accounts Payable means money owed by a company to its creditors. It is an current…

Q: Which of the following accounts has a normal debit balance? A. Interest Revenue B. Inventory C.…

A: All assets and expense accounts normally have debit balance. All liabilities and incomes would…