Identify each of the following accounts of Dispatch Services Co. as asset, liability, owner’s equity, revenue, or expense and state in each case whether the normal balance is a debit or a credit:a. Accounts Payableb. Accounts Receivablec. Ashley Griffin, Capitald. Ashley Griffin, Drawinge. Cashf. Fees Earnedg. Office Equipmenth. Rent Expensei. Suppliesj. Wages Expense

Q: Which of the following accounts is considered a permanent or real account?A. Interest RevenueB.…

A: Financial Statements: Financial statements are an assortment of outline-level reports about an…

Q: Choose the Debit and Credit Accounts of the following transactions. TRANSACTION: Opened an account…

A: Debit and credit are two aspects of a business. In double accounting system, it is necessary to…

Q: The journal entry to record a payment on account willa. debit Accounts Payable and credit Retained…

A: Journal entry:   Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Choose the Debit and Credit Accounts of the following transactions.

A: In Financial Accounting, Debit indicates the Increase in Asset or decrease in liability whereas…

Q: Received interest revenue of RO. 525. In the Interest revenue ledger Select one: O a. Interest…

A: Answer :  Correct option is C. Interest Revenue  RO 525 - On the Credit side.

Q: Which of the following journal entries would be recorded if a business performs services and…

A: JOURNAL ENTRIES Journal Entry is the First stage of Accounting Process. Journal Entry is the Process…

Q: Which journal entries is correct when a business entity collects an accounts receivable? A. Cash -…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: The journal entry to record the purchase of supplies on accounta. credits Supplies and debits…

A: Journal entries Journal entries are the transactions that are recorded in the primary book. They are…

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: Which of the following journal entries would be recorded if a business performs services and…

A: A journal entry is a formal record of a financial transaction or event in an organization's…

Q: SUBJECT: Financial Accounting and Reporting Instruction: Choose the Debit and Credit Accounts of…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: Accounts that normally have a credit balance are… lag stion © A. Expenses, capital & liabilities B.…

A: The normal balance is the balance side that increases the value of an item. And the opposite side of…

Q: If a journal entry includes a debit or credit to the Cash account, it is most likely which of…

A: A cash account, commonly referred to as a cash book, appears to be a ledger whereby all cash…

Q: Label each of the following accounts as asset (A), liability (L), owner’sequity (OE), revenue (R),…

A: Assets are the resources that are employed by the business for the end goal of maximizing the…

Q: The adjusting entry to account for estimated customer returns and allowances involves a a. credit to…

A: Sales returns means goods being returned by customer. Sales allowances means reductions are being…

Q: The journal entry to record fees earned on account would be posted to which of the following…

A: There are three golden rules in accounting for recording the transaction : Debit what comes in ,…

Q: For the following accounts indicate whether the normal balance is a debit or a credit A. Unearned…

A: As , normally accounts are classified under 4 different heads  a. Assets  b. Liabilities c. Expense…

Q: The amount to be paid by the business to the supplier who supplied the material on credit is a.…

A: When Company purchased goods and services on credit from the supplier then it needs to be paid back…

Q: The Purchases account in a general ledger: O a. is an asset account. O b. appears on the income…

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

Q: Identify the entry below that records the purchase of office supplies on account. debit Office…

A: Office supplies refers to small items used by office of a company such as staples, paper, files etc.…

Q: Transactions that affect the debit and creditof the following: A. Cash B. Accounts Receivable C.…

A: A credit is often positioned on the correct aspect of AN entry. It will increase liability, revenue…

Q: Identify which of the following accounts would be listed on the company’s Post-Closing…

A: Closing entries are those journal entries which are passed at the end of accounting period in order…

Q: If a company makes a journal entry that records a debit to “Rent Expense,” that journal entry also…

A: Journal: Recording of a business transactions in a chronological order.

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: Post the transactions to T-accounts

A: T-accounts is the set of record to present the transactions of the company

Q: SUBJECT: Financial Accounting and Reporting Instruction: Choose the Debit and Credit Accounts of…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

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A: Factoring is a type of service offered by finance companies in which the entity or company sells all…

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A: A credit balance is expected for the following accounts: i) Liability accounts  such as accounts…

Q: Which of the following describes the classification and normal balance of the unearned fees account?…

A: UNEARNED FEES :  IT IS A UNEARNED REVENUE ( CASH RECEIVED IN ADVANCE FOR PROVIDING GOODS AND…

Q: For the following accounts please indicate whether the normal balance is a debit or a credit. Wages…

A: ACCOUNT NORMAL BALANCE ASSET DEBIT EXPENSE DEBIT LIABILITY CREDIT INCOME CREDIT

Q: Identify the following accounts of Advanced Services Co. as asset, liability, owner’s equity,…

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Q: State whether the account should be debited or credited and the normal balance of the account for…

A: In accounting, normal balance of all assets and expenses account is debit balance. For all…

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: Identify the classification of account. And Choose the letter of the correct answer. Questions: 1.…

A: General explanation -  Assets we can touch feel and they will give cash inflows into the…

Q: CClassify each of the following items as an Asset (A), Liability (L), or part of Owner’s Equity (OE)

A: Assets are used in business operation and is investment made by company using its equity and…

Q: Three different lease transactions are presented below for Sandhill Enterprises. Assume that all…

A: Leasing allows businesses or individuals to access and utilize high-quality assets that might be…

Q: State which account title the following terminologies belong: A. Asset account title, B. Liability…

A: Financial accounting is one of the important branch of accounting being used. Main account titles…

Q: Accounts receivable: Multiple Choice O * arise from the purchase of goods or services on credit. are…

A: Accounts Receivables refers the person or group of persons who are dealing with the organization by…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.