The double-entry system of book-keeping normally results in which of the following balances on the ledger accounts? Debit balances: Credit balances: A Assets and revenues Liabilities, capital and expenses В Revenues, capital and liabilities Assets and expenses C Assets and expenses Liabilities, capital and revenues D Assets, expenses and capital Liabilities and revenues

Q: Accounts receivable is

A: Account  Receivable is classified as an  Correct answer :- A.  An Assets

Q: Discuss what each ledger is used for and when it is used: 1. General Ledger 2. Payables ledger 3.…

A: The ledgers are prepared as posting the transactions from the journal book.

Q: Which type of credit account is balanced in the last two columns of a worksheet? O A. Expense B.…

A: Account: It can be defined as a record that is maintained by the business in its general ledger to…

Q: Accounts with normal credit balances include   Question 13 options:   Assets and liabilities…

A: According to basic accounting principles, the ledger accounts that typically have credit balances…

Q: In a worksheet's Income Statement columns, which debit account type is balanced?

A: A worksheet is prepared to analyze the account balances efficiently. It includes the account…

Q: Which of the following accounts is increased by a debit?A. Common StockB. Accounts PayableC.…

A: Debit and credit are two sides of account in accounting framework. All assets, expenses and…

Q: A cash paid for a borrowing made earlier affects which of the following accounts? a. Cash and Notes…

A: Solution- Once you pay the full amount due, your account is paid in full. You have effectively…

Q: Which of the following items is not a specific account in acompany’s accounting records?a. Accounts…

A: Accounts receivable is the payment which the company will receive for the goods sold on credit from…

Q: Which account is least likely to be debited when revenueis recorded?a. Accounts Payableb. Accounts…

A: Revenue account is credited when revenue is recorded.

Q: Describe about the Accounts payable.

A: Accounts payable: A liability which is payable within a short period is termed accounts payable and…

Q: O a. Entry at two separate dates in a credit and cash transaction

A: Journal entry is a primary entry that records the financial transactions initially. The transactions…

Q: Give what is required, For the Classification: (Classify the account if it is current/noncurrent…

A: The different accounts in the business are classified as asset, liabilities, revenue, expenses and…

Q: a. Show the journal entry to record the uncollectible accounts. b. How much will the balance sheet…

A: a) Journal Entry

Q: Accounts are classified in the ledger a.chronologically b.with the accounts used most often listed…

A: Accounts are classified into ledgers from the Journal. Journal is always maintained in chronological…

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: Which should be recorded in accounts receivable? a. receivables from officers b. receivables from…

A: Accounts Receivable refers to the amount owed by the customers to a business for purchase of goods…

Q: What is the impact on the accounting equation when an accounts receivable is collected

A: The accounting equation refers to the equation of the balance sheet. It is based on the method of…

Q: Which among the following is prepared to verify that the sum of debits is equal to sum of credits? O…

A: Solution: "Trial balance" is prepared to verify that the sum of debits is equal to sum of credits.…

Q: When is each of the following ledgers used? Elaborate your answers  1. General Ledger 2. Payables…

A: 1. A general ledger is used in accounting to keep track of all of a business's transactions. Assets,…

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: Which of the following entries records the payment of an account payable? a.debit Cash; credit…

A: Accounts payable (liability) is decreasing. Cash (asset) is decreasing.

Q: The following items are found in the account sales, except a. Total sales. b. Amount due to…

A: Consignment represents the situation where the consignor transfer the goods to consignee to sale the…

Q: A date-wise record of transactions expressed as debits and credits to accounts is provided by

A: The answer is Option (a.) Journal

Q: When company uses special journal , the transaction of settling company liabilities record in.. a.…

A: Journal is the recording of financial transactions according to the dual entity concept and it helps…

Q: Accounts receivable is ______________ of an organization. a. Current assets b. Current liabilities…

A: Current assets are all the assets of a company that are expected to be converted into the cash…

Q: Why is the amount of the Income obtained from the Income statement extended to the balance sheet…

A: The income statement is one of a company’s core financial statements that are prepared to find out…

Q: When using the allowance method, how are accounts receivable shown on the balance sheet?

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: Trial Balance is prepared to check accuracy of A. Ledger account balances B.Balance sheet balances…

A: Trial balance is the summary of all ledger accounts which is prepared after posting journal entries…

Q: The following accounts have normal debit balances:a. Assetsb. Liabilitiesc. Revenuesd. All of the…

A: Answer:   Option a.

Q: How is the account Accounts Payable classified and what kind of balance should it have? Group of…

A: Accounts payable is the term for current liabilities in regard to purchases made on credit. Such…

Q: Accounts and notes receivable are reported in the current assets section of the balance sheet at net…

A: Account receivable means the amount due from customer whom we sold the goods on credit. Allowance…

Q: The following source document is used to support the transactions related to returns outwards to…

A: The company is in constant interaction with its suppliers and customers and there are many…

Q: Under which of the following categories would Accounts Receivable​ appear?     A. long−term assets…

A: Current assets: Current assets are all those assets that are expected to be sold or used as a result…

Q: What does it mean when Drawings has a normal debit balance or a normal credit balance? Please…

A: Meaning of Drawings:- In accounting, the term "Drawings" refers to the withdrawals made by the owner…

Q: The total credit equal to the total of debit in ledger account is called: O a. Credit balance O b.…

A: The ledger is prepared using journal entries.

Q: The normal balance of the Input VAT account that can be credited in the financial statements is…

A: Financial statements: Financial statements are condensed summary of transactions communicated in the…

Q: what account balances are included in a revenue and collection cyle?

A: Revenue means proceeds or amount that is received from sale of goods and services in the business.…

Q: Identify which types of accounts have a normal debit balance and which types of accounts have a…

A: Financial accounting is the process of recording, summarizing, and reporting all the transactions in…

Q: Explain how accounts receivable are presented in the financial statements.

A: Introduction: Current Assets: Assets which are easily convertible in to cash with in a short period…