Which of the following is true regarding 'Credit Balance' in ledger account? O a. All options are correct O b. Debit total equal to credit total O C. Excess of debit total over credit total O d. Excess of credit total over debit total

Q: Can I ask normal balance part for accounts payable, which one I should choose? credit or debit? why

A: Liability is the amount that is owed by a company. Liability is divided into two categories that is…

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: What would the credit terms of “2/10, n/EOM” mean?

A:

Q: describe the difeference between an account receivable and an account payable

A: Account Receivable: Account Receivable is the account in which a organization records the amount…

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: he Accounts Question: Why should debits t

A: Debits to expense accounts should exceed the credits because expenses represent the costs incurred…

Q: DO DEBITS AND CREDITS HAVE TO EQUAL ON A TRIAL BALANCE??

A: Trial balance: Trial balance is a summary of all the asset, liability, and equity accounts and their…

Q: Which one of the following statements is NOT true about account receivables? Select one: a. Account…

A: Accounts receivable: if sale is made on cash the supplier immediately collects the cash and no…

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: Prepare journal entries on the books of Tamarisk Company to record these transactions. (Credit…

A: Journal is a record of financial transactions in chronological order.It provides a detailed account…

Q: Levine Company uses the perpetual inventory system. Apr. 8 Sold merchandise for $4, 200 (that had…

A: Date General Journal  Debit Credit Apr 08  Cash 4032     Credit card expense 168     Sales…

Q: What is the impact on the accounting equation when an accounts receivable is collected?A. both sides…

A: Accounting equation is one of the important concept used in accounting. Three elements of accounting…

Q: Do the term debit and credit signify increase or decrease, o

A: Debit means increased under limited conditions . You must look at what type of an account you are…

Q: What are the credit and debit amounts?

A: Introduction:- In accounting, every transaction must be entered in one account as a debit (left side…

Q: The information below is taken from the shareholders' equity section of the statement of financial…

A: The journal entries are the first step of accounting to record the transactions as debit one account…

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 distinction between 'accounts payable (AP)' and 'accounts receivable (AR)' is that AP stands for…

A: Accounts Payable (AP) is documented in the AP sub-ledger when an invoice is accepted for…

Q: what is the entry for collection of receivable * O debit cash, credit accounts payable O debit cash,…

A: Account’s receivables can be defined as the payment which is yet to be received by the business in…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is