A credit is not the normal balance for which account listed below? Select one: a. Owner’s Drawings account b. Revenue account c. Capital account d. Liability account

Q: The journal entry to record the payment of accounts payable will require a O credit to cash account…

A: Payment to accounts payable Decreases cash Decreases accounts payable

Q: An account consists of Select one: a.             a title, a left side, and a debit balance. b. a…

A: An account consists of three parts: First the title of account (which is a unique name assigned to…

Q: Accounts payable and accrued liabilities are interchangeable account titles.

A: Accounts payable: accounts payable is the amount that have to be paid to the supplier of goods or…

Q: Which of the following accounts will be closed with a credit? O a. Fees earned O b. Depreciation…

A: The question is related to Accouts which are closed by crediting them. All the nominal accounts  are…

Q: ules of Debit and Credit Directions: Indicate whether each account identified is to be debited…

A: Accounting equation of the business says that all assets of the business must be equal to total…

Q: The following table summarizes the rules of debit and credit. Indicate whether the proper answer is…

A: Normal balance of accounts describes the rules of debit credit in a way, like if the normal balance…

Q: Indicate whether a debit or credit decreases the normal balance of each of the following accounts.…

A: Normal balance:   Normal balance refers to the excess of amount on one side, over the amount on the…

Q: The value of Assets, Drawing and Revenues is normally reflected on the debit side of the Trial…

A: The financial statements of the business include the income statement and balance sheet of the firm.…

Q: A credit to a liability account a) indicates a decrease in the amount owed to creditors. b) is an…

A: Amount owed  by the company to the outside persons such as suppliers, bank etc are called…

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: Which of the following applications of the rules of debit and credit is true?

A: Debit and credit are the left and right sides of a T-account. Depending on the type of account, the…

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: When a customer eventually pays for items that have been purchased on credit, the transaction will…

A: Here, Customer is our Debtor.  Company usually sales its goods on credit and that customer who…

Q: True or False? You list the accounts on a Trial Balance in Ledger Order which is Assets,…

A: Order of accounts in Trial Balance should be in this order: Assets, Liabilities, Equity.

Q: The account, Discount on Notes Payable, is a a.contra-asset. b.deferred charge. c.liability.…

A: Discount on notes payable -  It is the amount payable by the concerned investor is less than the…

Q: Indicate whether a debit or credit decreases the normal balance of each of the following accounts.…

A: Land is an asset account.

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: A credit is not the normal balance for which account listed below? Dividends account Liability…

A: All the assets, expenses, and losses have a debit balance and all the liability, revenue, and gains…

Q: Which of the following statements is prepared to ensure that total debit equals total credit…

A:

Q: Indicate whether a debit or credit decreases the normal balance of each of the following accounts.…

A:

Q: Accounts payable

A: The statement 2 is false because when accounts payable is recorded at the net amount, there is no…

Q: Which account has a normal credit balance? O Prepaid Rent Expense. O Dividends. O Common Stock. O…

A: The accounts in the business have debit or credit balance depending on the nature of account.

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: TRUE OR FALSE? The debit balances in suppliers' accounts should be netted against accounts payable.

A: Accounts payable is the amount owed by the business entity towards the suppliers in respect of the…

Q: Rules of debit and credit and normal balances State for each account whether it is likely to have…

A: As per the double-entry booking system of accounting, for each transaction, there are two effects or…

Q: How is the account Unearned Fees classified and what kind of balance should it have? Group of answer…

A: A current liability is an obligation for the company that has to be paid off within a year. It would…

Q: How is the account Accounts Payable classified and what kind of balance should it have? Group of…

A: Accounts payable is the term for current liabilities in regard to purchases made on credit. Such…

Q: A debit side entry must have a corresponding credit side entry. The normal balance of an account…

A: Solution Debit and credit are used in company bookkeeping in order for its books to balance.

Q: Which one of the following is not a part of an account? Select one: a. Title b. Credit side c.…

A: Account consists of: Date Title Debit side Credit side

Q: The entry recorded by a law firm after providing services previously recorded as Deferred Revenue…

A: Introduction: Payments made as earnings for services and goods that will be delivered or performed…

Q: Which of the following accounts are characterized as a "contra" account? (Select ALL tha apply) O…

A: Contra account: Contra effect of the transaction recorded on the opposite side

Q: Which of the following statements regarding T accounts is accurate? the left side of the T account…

A: T-Accounts - T-Accounts is the T-Shaped ledger account used to record transactions in the double…

Q: The account type and normal balance of Fees earned is a. asset, debit b. expense, debit c. revenue,…

A: In accounting, there are three types of accounts:1. Personal account: This account represents the…

Q: The normal balance of an account is on the Debit side of the account Side represented by increase…

A: An account balance usually represents money in monetary terms  an account balance is either a debit…

Q: Which of the following is not a revenue account? a. Professional fee b. Interest income c. Cost…

A: A revenue account is classified as an equity account and shall have a credit normal balance.

Q: Question. True or False? You list the accounts on a Trial Balance in Ledger Order which is Assets,…

A: Introduction: The final balance from the ledger accounts is ready to be recorded in the trial…

Q: What is the normal balance of accounts payable? Group of answer choices debit either debit or credit…

A: Solution: Accounts payable are liabilities due to purchase of merchandise or services on account.…

Q: t is an amount owed to suppliers for goods purchased or services performed on credit. a. Outstanding…

A: Account payables means the amount owed by business to outsider for the goods received and services…

Q: Which of the following statements would be consideredtrue regarding debits and credits?a. In any…

A: The following is true about debits and credits

Q: Allowance for doubtful accounts is an example of a. Asset account b. Expense account c. Contra asset…

A: solution:- Introduction:- Allowance for doubtful accounts means as follows under:- Allowance for…

Q: T-accounts and determine the final balance in each account balance. (Note: Posting to the Cash…

A: T-Account The left side of the Account is always the debit side and the right side is always the…

Q: Allowance for Doubtful Accounts is classified as a(n) ______ account and has a normal ______…

A: The allowance for doubtful accounts is established to record the estimated bad debt expenses.

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.