Several accounts are listed below a. Purchases Returns and Allowances b. Sales Discounts c. Wages Expense d. Allowance for Doubtful Accounts e. Unearned Rent f. Income Taxes Payable g. Dividends Distributed h. Interest Revenue i. Inventory   REQUIRED: List the accounts above that would normally have a credit balance

Q: 6. when a cormpany returns merchandise previously purchased on account, the entry to record the…

A: Hi student Since there are multiple questions, we will answer only first question. Whenever business…

Q: What is the impacts on the accounting equation when an accounts receivable is collected

A: Accounting equations are based on a double-entry accounting system which states that each and every…

Q: Which of the following is True about accounts payable? Accounts payable should not be reported at…

A: Accounts payable refers to the money owed to vendors or suppliers for products or services purchased…

Q: Using the worksheet to prepare financial statements Answer the following questions: Requirements 1.…

A: Worksheet to prepare financial statements-  Sometimes the managers use worksheet approach to prepare…

Q: The Ledger related to expenses is entered in which one of the ledger? Sales Ledger Purchase return…

A: Expenses are not recorded in a specific ledger.

Q: Which of the following is NOT a financial transaction? a. purchase of products b. cash receipts c.…

A:

Q: Which item will appear on the credit side of the ledger account? a. Salary b. Drawings c. Service…

A: All expenses, losses, and assets should be debited and all revenue, income, gain, and liabilities…

Q: Preparing a balance sheet, allowance for uncollectible accounts goes under what heading?

A: Allowance for Uncollectible Accounts indicates the amount of receivables that are expected to remain…

Q: What is the normal balance of the following accounts: (a) Cost of Merchandise Sold, (b) Customer…

A:

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: When purchases of merchandise are made on account and the perpetual method is used, the transaction…

A: If a business entity purchases the merchandise Inventory on account, hereunder double-entry system…

Q: Under accrual-basis accounting,sales made on credit are usually reported as: A.liabilities…

A: There are two type of bases used in accounting purpose. One is cash basis of accounting and other is…

Q: Explain “Sales Returns and Allowances”. Why does this account have a normal debit balance?

A: Sales Returns and Allowances Sales Return and Allowances is actually a contra revenue account (i.e.…

Q: The following items are found in the account sales, except a. Total sales. b. Amount due to…

A: Consignment represents the situation where the consignor transfer the goods to consignee to sale the…

Q: The accounts related to the revenue cycle include all of the following except:     A.…

A: Revenue  cycle  generally  consist of  1.order received from the customer 2. process customer order…

Q: Complete the following table by indicating for (a) through (g) whether the proper answer is debit or…

A:

Q: Summary posting from the sales journal normally would be completed which of the following orders?…

A: Sales journal is one type of special journal, which is used for recording of all sales which is made…

Q: Briefly explain the accounting treatment for sales returns and allowances. Where are these accounts…

A:

Q: ndicate the normal balance and category of each of the following​ accounts:   CATEGORy options ARE:…

A: All expenses, losses, and assets should be debited and all income, gain, and liabilities should be…

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: Under perpetual inventory system- what is the journal entry when payment is made on accounts payable…

A: Perpetual inventory system: It is a method of inventory management that records real-time…

Q: For each of the following accounts indicate the effect of a debit or a credit on the account and the…

A: All expenses, losses, and assets should be debited and all income, gain, and liabilities should be…

Q: 6. An example of a contra-revenue account found on the Income Statement is the M O A. Sales Returns…

A: A revenue account that is anticipated to have a debit balance is referred to as a contra revenue…

Q: Which of the following is true about accounts payable? Accounts payable are also called trade…

A:

Q: relationship would you expect between inventory and accounts payable

A: Relationship between inventory and accounts payable:-   The main connection between the inventory…

Q: Sales Service and Service Revenue are two income statement accounts that relate to Accounts…

A: Step 1 While reporting income from operations via statement of income, then two more accounts other…

Q: The normal balance of the Input VAT account that can be credited in the financial statements is…

A: Financial statements: Financial statements are condensed summary of transactions communicated in the…

Q: Which is a valid statement regarding the gross price, net price and allowance methods of recording…

A: Accounts receivable is the amount that has been earned but not yet received by the company.

Q: Using the worksheet to prepare financial statements Answer the following questions: Requirements…

A: Worksheet to prepare financial statements- Sometimes the managers use worksheet approach to prepare…

Q: The income statement line gross profit will appear on which income statement format? Select one: a.…

A: 1. Receipt and Payment A/c: Receipt and payment A/c is prepared by non profit organization, Which…

Q: The classification and normal balance of the sales discount account would be A. expense and debit B.…

A: The seller for increasing their sales uses the sales discount method and for recovering early…

Q: Which of the following items is considered an original source document? Select one: a. accounts…

A: Source document In general source document which are used for the business transaction of the entity…

Q: Which of the following items in the balance sheet does NOT have a constant relationship with sales…

A: In the percentage of sales method, we forecast line items for the future by using the historical %…

Q: Which one of the following commences on the day inventory is purchased and ends on the day the…

A: Inventory period: It is a measure of the average number of days the inventory is held.

Q: How to calculate the account receivable turnover ratio in a balance Sheet and income statement…

A: The records owed turnover proportion, otherwise referred to as the borrower's turnover proportion,…

Q: A cash discount on purchases should be debited to ______________ Select one: A. a revenue account…

A: The answer is provided as follows:

Q: The journal entry to record the purchase of inventory on account is:

A: The journal entry to record the purchase of inventory on account is: Answer - A Debit…

Q: When using the Spreadsheet (work sheet) method to analyze noncash accounts, it is best to start with…

A: Non Cash Items - Non Cash Items are those items that are incurred without considering cash into it.…

Q: which comes first when preparing a income statement?

A: Income statement is a statement which provides details of all income and all expenses of the…

Q: Which of the following accounts has a normal debit balance? a.Accounts Payable b.Sales c.Interest…

A: Accounts Payable: Accounts Payable means money owed by a company to its creditors. It is an current…

Q: For each account, identify whether the normal balance is a debit or credit a.Notes Payable…

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

Q: Identify each of the following items relating to sections of an income statement as Revenue from…

A: Income Statement: The income statement reports the financial performance in terms of profit or loss…

Q: Which of the following accounts has a normal debit balance? A. Interest Revenue B. Inventory C.…

A: All assets and expense accounts normally have debit balance. All liabilities and incomes would…