Which of the following accounts would be classified as nominal account and have a normal balance of a debit? retained earnings O prepaid insurance

Q: Allowance for uncollectible account falls under what classification in a balance sheet?  Current…

A: Allowance for uncollectible Accounts: This is a contra asset account to the Accounts Receivables…

Q: Which of the following transactions would be recorded if using the accrual basis ofaccounting but…

A: Given: To determine the following transactions would be recorded if using the accrual basis…

Q: Is Accounts Payable a credit, a debit, or both?

A: Current liability: It implies to the debt obligation that is to be repaid within a span of one year.…

Q: Accounts receivable is

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

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: The accounts of customers who have not yet made payment for the goods or services are called: O a.…

A: Accounting indicates to a system which helps the corporation in identifying the daily…

Q: Which of the following is a nominal account? a. Retained earnings b. Accounts receivable c.…

A: Nominal account includes all of a company's income statement items and the balance of owner's…

Q: What classification does the allowance for uncollectible accounts come under on a balance sheet?…

A: The allowance for uncollectible accounts come under on a balance sheet will be explained:

Q: Fill in the blanks: An increase in accrued income during the particular year is ________________the…

A: Income:   It is a form of earnings for the company resulting from business activities.

Q: What is the difference between a nominal account and a real account?

A: The various accounts in the business are classified as personal accounts, real accounts, and nominal…

Q: Which of the following is not a nominal account? a. Freight In b. Prepaid insurance Expense c.…

A: Explanation: 1. Nominal Account: Nominal Account includes the accounts which are related with…

Q: “Credit card” (with an outstanding balance) would be which type of account? a.Proprietary…

A: Introduction: Credit card is a source of short term financing which is unsecured in nature. As these…

Q: A "sale on account" results in a debit to: Accounts Receivable Cash O Capital Accounts Payable

A: Solution....     Sales on Account results in debit of ?

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: nterest payable, retained earnings, and sales revenue have a balance whereby credits normally exceed…

A: Entry ledger have a balance of debit , credit or nil balance. Every assets and expenses are having…

Q: Which of the following is the account where the increases are recorded to the receivable side and…

A: Company sell products on credit and these selling create customers on credit so these are to be…

Q: 7. Which of the following accounts is an liability? a. Bank deposit b. Prepaid insurance expense c.…

A: Liability is an obligation for a business. It arises when anything is payable in future or any…

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: By the percent of sales method how determine the amount of the adjusted balance of accounts…

A:

Q: What is the difference between a nominal account and a real account?

A: There are three types of accounts in financial statements, Real Account Personal Account Nominal…

Q: Is Accounts Payable a debit, a credit, or a combination of the two?

A: Account payable has always a credit balance. It is liability for a person who have acquired some…

Q: balance sheet account “roll forward”

A: Roll forward of accounts means carrying forward the closing balance of accounts to next accounting…

Q: 1. What is the formular for Accounts Recieveables?  2. What is the formular for Accounts Payable?

A: Accounts Receivable - Accounts Receivables are the amount that is not paid by the customers who had…

Q: Which of the following accounts is an liability? a. Bank deposit b. Prepaid insurance expense c.…

A: Current liabilities: Liabilities which have to be paid  within one year from the date of the balance…

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: In accounting, what is the distinction between a nominal account and a real account?

A: Solution Concept Nominal account Expenses and losses Debit Income and gains Credit…

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: How is the account Unearned Fees classified and what kind of balance should it have? Group of answer…

A: A current liability is an obligation for the company that has to be paid off within a year. It would…

Q: A(n). consists of individual accounts for all creditors. O a. accounts receivable ledger O b.…

A: Creditor: It can be defined as the party that lends the money to the business or any individual.

Q: What is the connection between an account's balance sheet equation position and the rules for…

A: The connection between an account's balance sheet equation position and the rules for recognizing…

Q: An expense account normally has a credit balance. True or False

A: Expense Account - It includes day-to-day costs that are incurred in a normal course of business. For…

Q: Credit entry in a nominal amount is

A: Credit entry in a nominal account is:- Cash account      Debit  Income and Gains account   Credit

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…