College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
12th Edition
ISBN: 9781305084087
Author: Cathy J. Scott
Publisher: Cengage Learning
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Chapter 11, Problem 4E
To determine

Identify where the balance of given accounts should appear in the worksheet columns.

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The normal balance of the Input VAT account that can be credited in the financial statements is presented at:a. Debit Balanceb. Debit Balance Sheet and Profit and Loss Debitc. Debit Profit and loss on the balance sheetd. Credit Balance
Indicate the normal balance and category of each of the following​ accounts:   CATEGORy options ARE: asset, contra-expense, contra-revenue, expense, liability, revenue.     Account Normal Balance Category a. Sales Returns and Allowances     b. Merchandise Inventory     c. Miscellaneous Income     d. Payroll Tax Expense     e. Sales Discounts     f. Cost of Goods Sold     g. Income Tax Payable     h. Prepaid Expenses
The following items are found in the account sales, except a. Total sales. b. Amount due to consignor. c. Commission of consignee. d. Expenses of the consignor.

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College Accounting (Book Only): A Career Approach

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