Several accounts are listed below.  Please indicate whether the account is a permanent or temporary account owner's capital   rent income   prepaid insurance   accounts payable   accounts receivable   withdrawals   Unearned revenue   rent expense   accumulated depreciation   insurance expense   cash   sales revenue

Q: How is accounts-receivable turnover computed and what can the calculation tell the owner-manager?

A: Ratio analysis is significant for the financial position of the corporation, profitability,…

Q: Simple interest applies when interest is earned _____________. a. on interest b. in a serious of…

A: Interest is the value provided or paid for the sum borrowed. If the company has made certain…

Q: The adjusting entry to record an NSF check includes a credit to accounts payable  a debit to vash…

A: Non-sufficient fund: When a checking account holder is overdrawn, that is, there isn't enough cash…

Q: Which of the following is a temporary account?Multiple Choice Retained Earnings Accounts…

A: Temporary account is an account whose balance is transferred to permanent account at the time of…

Q: Under what conditions is a market-based transfer price most likely to be used?

A: Transfer Pricing: It is termed as the cost which is charged by the one department of the company…

Q: Detailed information about the individual accounts for all creditors is provided by Multiple Choice…

A: Detailed information about the individual accounts for all creditors is provided by the ''accounts…

Q: When interest is accrued on a Note Receivable, the journal entry to record the accrued interest…

A: A promissory note, also known as a note receivable, is a spoken commitment from the borrower to pay…

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: Which of the following represents amounts owed for goods, supplies, or services purchased? Group of…

A: The question is asking to identify the term that represents the amounts that a company owes for…

Q: what is accounts payable?

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

Q: Which of the following reports tracks past-due bills and bills that are due shortly? Profit & Loss…

A: A crucial accounting document known as accounts payable aging report compiles a summary of the bills…

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: 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: Complete the table below.   Item Classification of item  (A, L, OE, R, E) Income Statement (IS)…

A: L= Liabilities A = Assets OE = Owner's equity R = Revenue E = Expense IS = income statement BS =…

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: Debit Cash Credit Other Financing Sources What does this journal entry mean?

A: The meanings  of different journal entries are presented hereunder :

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: How are credit balances in accounts receivable reported on the financial statements?

A: Sales is the revenue being earned by the business on delivery of goods and services by the business.…

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

A:

Q: HOMEWORK Please tell me if the following are found Assets, Liabilities, Equity, Revenue, or Expense…

A: Type of accounts:

Q: Rand Company produces dry fertilizer. At the beginning of the year, Rand had the following standard…

A: Jounral Entry - It is a record of every business transaction over day-to-day life whether it is…

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.