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: 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: Instructions On January 1, the first day of its fiscal year, Chin Company issued $24,200,000 of…

A: Bonds are a form of dues or liability for the business, on which regular interest payments needs to…

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: 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: 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: 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: 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: For each account, identify whether it is included in a post-closing trial balance. a. Store…

A: Solution: All temporary accounts such as revenues, expenses and dividends etc are closed to income…

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,…

A: Assets are the resources of a company which provides future cash flows and having an economic value.…

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: . Master Supervisor E. Comptroller . Master Administrator What account type is considered a…

A: Correct option is (D) Master administrator. Master administrator is a person who is also known as…

Q: For each account, indicate whether it appears in the general ledger or the subsidiary ledger.…

A: Indicate whether it appears in General Ledger or Subsidairy Ledger.

Q: Sales Returns and Allowances account is report it like

A: Sales returns occur when goods are given back by the customer due to defects in terms of…

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.