Answered: Which of the following accounts is…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 3DQ

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Similar questions

What is the purpose of the Income Summary account? How does it relate to the revenue and expense accounts?
Explain what is meant by the term nominal accounts (also known as temporary accounts).
In the revenue cycle, the most significant accounts typically include revenue and accounts receivable. (T/F)
What is a schedule of accounts receivable?
The schedule of accounts payable should equal what?
Why must the Accounts Receivable account in the general ledger match the totals of all the subsidiary Accounts Receivable accounts?
Which of the following best describes the classification and normal balance of the accounts receivable account? Select one: a. Asset, Debit b. Liability, credit c. Revenue, credit d. Owner's equity, debit
Which of the following accounts has a normal debit balance? A. Interest Revenue B. Inventory C. Sales D. Accounts Payable
Which of the following items is not a specific account in acompany’s accounting records?a. Accounts Receivableb. Net Incomec. Sales Revenued. Unearned Revenue
Which of the following accounts has a normal debit balance? a.Accounts Payable b.Sales c.Interest Revenue d.Merchandise Inventory
Which of the following considered a nominal account? a) Inventory b) Cash c) Rent Expense d) Accounts Payable accounts is
Which of the following accounts is not normally part of the revenue and collection cycle?a. Sales.b. Accounts Receivable.c. Cash.d. Purchases Returns and Allowances

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Which of the following accounts is considered a nominal account? (a) Rent Expense (b) Cash (c) Inventory (d) Accounts Payable ?