1. Enumerate and explain the rules of debit and credit.

Q: What are the basic entries to recognize an account receivable?

A: Solution- Accounts receivable (AR) is money that your customers owe you for buying goods and…

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: Describe how debits and credits are used to analyse transactions.

A: Debits and credits are used to analyse transactions for changes in accounts made by one business…

Q: How do debits and credits work

A: Debit and credit entry are part of double entry book keeping system. This is used to make an entry…

Q: Which of the following accounts has a balance whereby credits normally exceed debits? Rent Expense…

A: Assets and Liabilities - Assets are the resources of the organization and Liabilities are the…

Q: Direct debit means

A: Direct Debit Means is an instruction by the business to your bank, that authorizes the organization…

Q: Using the following transactions what is the total debits and credits?

A: Journal entries refer to recording and classyfing business transactions into books of accounts…

Q: what is Debit balance and Credit balance in ledger?

A: Introduction: A ledger account is a record of commercial transactions. It is a discrete record…

Q: In Short, explain the difference between a debit and a credit, and explain what the normal balance…

A: The difference between a debit and a credit:Debit, all increase in assets, expense and stockholders’…

Q: An account consists of * O a title, a debit balance, and a credit balance. a title, a left side, and…

A: Accounts are used for recording journal entries in accounting. In making journal entries, at least…

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: Illustratrate about the real and nominal accounts along with examples.

A: Real account:Real account involves the amount of asset, liability, or stockholder’s equity at a…

Q: Briefly state the rules of debiting and crediting accounts classified on the basis of accounting…

A: Accounting equation: Accounting equation represents the mathematical relationship between assets,…

Q: What is an account receivable? O a. Sales O b. Asset O c. Income O d. Creditors

A: Following is the answer to the given question

Q: How does the rule of debit and credit relative to accounting equation?

A: Accounting equation:   It is a mathematical expression that presented all assets of the firm are…

Q: Are drawing a credit or debit

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Select whether each of the following accounts normally has a debit balance or a credit balance:

A: Under generally accepted accounting principles, All the assets and expenses accounts has normal…

Q: Define debits and credits and explain double-entry accounting.

A:

Q: Why is the amount of the Income obtained from the Income statement extended to the balance sheet…

A: The income statement is one of a company’s core financial statements that are prepared to find out…

Q: nd de

A: The terms debit (DR) and credit (CR) have Latin roots: debit comes from the word debitum, meaning…

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: what is debit and credit?

A: Debits and credits seem to be a bookkeeping notation framework that determines how and where every…

Q: Define accounting? Also elaborate the rules for debit and credit in detail.

A: Accounting - It is the recording of financial events along with other functions of storing, sorting,…

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: 1) What is the difference between Interest Receivables and Account Receivables and Interest…

A:

Q: Which one of the following account groups normally has a credit balance? O A. assets and liabilities…

A: 1.Assets - It includes:- Current assets long term investments fixed assets intangible assets  other…

Q: Indicate whether the statement is true or false. 1. A credit card can be used to purchase items on…

A: Credit card can be used to purchase items on credit only

Q: hey appe

A: The debit balance is the amount of cash the customer something that is essential to have  in the…

Q: Hi why is the net income on the credit side and not debit?

A: Net Income - Net Income is the result of the revenue over expense incurred by the company. It will…

Q: Reflect upon accounting  as debits and credits information system

A: Accounting is a method of recording business transactions so as to ascertain the financial positions…

Q: what is accounts payable?

A: What is accounts payable?

Q: What is debit and credit account

A: Introduction: An account is a summary of the record of all business transactions. Account has two…

Q: Which pair of accounts has the same set of rules for debit and credit entries?

A: Modern Approach of Classification of Accounts Under the modern approach of accounting, accounts are…

Q: For part 2, do "written off" and "previously written off accounts collection" fall under debit or…

A: Allowance for doubtful accounts: Allowance for doubtful accounts refers to the allowance prepaid or…

Q: What is the basic information to recognize an account receivable?

A: Account receivable is a customer who has purchased the goods or has availed the services of a…

Q: A credit balance on accruals account indicates?

A:

Q: Diffrence between debit and credit ?

A: Debit and credit are two sides of general ledger account. For some accounts, debit means increase…

Q: how do debits and credits work?

A: Debit and Credits: Debit and Credits are used as a basis of bookkeeping to book balance in the books…