The account, Discount on Notes Payable, is a a.contra-asset. b.deferred charge. c.liability. d.contra-liability
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A: Generally assets and expenses has debit balances and incomes and liabilities has credit balances. In…
Q: Accounts receivable is
A: Account Receivable is classified as an Correct answer :- A. An Assets
Q: Unearned Service Revenues are revenues with Credit as a normal balance O True O False
A: The question is multiple choice question. Required Choose the Correct Option.
Q: Receivables are amounts due from others that arise from the sale of goods or services. Select one:…
A: Accounts receivables represents the amount due to firm for the goods or services sold on credit.…
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A: Accounts receivable account generally shows the amount to be received from the customers against the…
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A: Liabilities are of two types current and noncurrent liabilities. Current liabilities are to be…
Q: b.) Credit
A: Prepayment is an accounting term referred to the types of expenses not incurred yet but for which…
Q: The accrued balance in a revenue account represents an amount which is: A. earned and collected B.…
A: Revenues: Revenues are earnings from operations of a business. The operating activities are sale of…
Q: Adjusting entry for accrued expense includes a debit to Expense and a credit to Liability. (A) True…
A: Answer: Accrued expenses are expenses that are appearing as the expenses but it is still not paid to…
Q: What kind of an account (asset, liability, etc.) is Allowance for Doubtful Accounts, and is its…
A: Allowance method: It is a method for accounting for uncollectible receivables, where uncollectible…
Q: A credit of a debt account can in the case of the counter-accounting (debiting) involve a booking of…
A: Debt refers to the amount that is due to be paid to the outsiders. The debt can be recorded as…
Q: Which of the following is an amount for products or services purchased on account? A)accounts…
A: Account payable is the account related to products or services purchased on account. Unearned…
Q: Which of the following is an asset account? O A. Unearned Revenue B. Notes Payable O C. Accounts…
A: Asset accounts means account related to resources of the business that it owns. It can be current…
Q: Which of the following accounts was created as the result of an accrual for expenses? Group of…
A: Lets start with the basic understanding. Accrual for expense is a liability which is incur because…
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: nterest payable, retained earnings, and sales revenue have a balance whereby credits normally exceed…
A: Entry ledger have a balance of debit , credit or nil balance. Every assets and expenses are having…
Q: Which of the following is the account where the increases are recorded to the receivable side and…
A: Company sell products on credit and these selling create customers on credit so these are to be…
Q: When a liability is paid, which account should be credited? A, Cash B.Accounts payable
A: Cash (money or coins) is legal tender that may be used to exchange products, debts, or services. It…
Q: The account type and normal balance of Prepaid Expense are a.revenue, credit b.liability, credit…
A: Prepaid expenses normally have a debit balance and considered assets.
Q: Consider the following accounts and identify each account as an Asset(A), Liability(L), or…
A: Assets accounts are those accounts that are related to resources of the organisation. Liability…
Q: Unearned Service Revenues are revenues with Credit as a normal balance True O False
A: Unearned Service Revenue The concept of unearned revenues in a firm in which the nature is not for…
Q: Classify the accounts as either an asset (A), liability (L), or equity (EQ) account. Note Receivable
A: Note Receivable means to receive the money in future against the note owed by any debtor of the…
Q: How are anticipated administrative expenses reported on a statement of financial affairs?a. As a…
A: The administrative expenses are incurred in the day-to-day operations of the company. These are…
Q: Which one of the following statements is NOT true about account receivables? Select one: a. Account…
A: Accounts receivable: if sale is made on cash the supplier immediately collects the cash and no…
Q: Unearned revenues are a. Earned and recorded as liabilities before they are received. O b. Earned…
A: 12. Unearned revenue is the revenue that is received by the company but not yet earned by the…
Q: In a current account, the payee is the debtor and the drawee is the creditor. True False
A: Lets understand the basics. Payee is a person on whom payment is needs to make so he is a creditor.…
Q: On a classified balance sheet, wages payable is classified as: a.a current liability. b.a long-term…
A: Wages payable: Wages company should pay them to employees but not paid by the company.
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: 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: If a transaction has the effect of decreasing an asset, is the decrease recorded as a debit or as a…
A: Generally, Assets have a Debit Balance If any account generally has a debit balance and if a…
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: Is a transaction that has the effect of lowering an asset recorded as a debit or as a credit? Is the…
A: A transaction is a business engagement that has an economic effect on a financial statement and is…
Q: Which of the following accounts is a liability? Accounts Receivable Service Revenue Unearned…
A: Accounts receivables is the amount of money not yet paid by the customers on the goods purchased…
Q: Choose the correct. How are anticipated administrative expenses reported on a statement of financial…
A: Statement of financial affairs: Statement of financial affairs refers to a statement of assets and…
Q: Accounts receivable can be classified as _____ a. A Expense. b. A Liability. c. A Capital d. An…
A: The correct answer is d. An asset
Q: Advances from customers are classified as a(n) a. b. C. d. Select one: a. current asset. b. current…
A: Advance is the money which is given by one party (customer) in advance to the other party (other…
Q: When a Liability is reduced or decreased, it is recorded on the? a. Right or debit side of the…
A: Introduction to Liability: Liabilities are referred to a sum of money that a person or company owes…
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: A liability account is increased by a debit. O True False
A: Liabilities means obligations of business that it has to pay to some outside parties or to its…
Q: What is the liability created by receiving revenue in advance called (before it is actually earned)?…
A: Revenue receipts in Advance is shown as unearned revenue.
Q: Bad debt expense is normally reported on the income statement as a(n) a. Operating expense b.…
A: An expense that is recognized as a receivable is no longer collectable is known as a bad debt…
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…
Q: Which of the following accounts is a liability? a. Accounts Receivable b. Service Revenue c.…
A: Liability refers to state of being liable or taking legal possession of something.
Q: Allowance for Uncollectible Accounts is An Asset A Liabilitity An Expense A Contra-Asset
A: Uncollectible accounts are those accounts from whom it is estimated that amount will not be…
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: In profit and loss account, if debit is more than the credit, the difference is [A] net profit [B]…
A: In profit & loss (P&L) account the difference between debit and credit balances is termed as…
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.
The account, Discount on Notes Payable, is a
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- Which of these accounts is a liability? A. Accounts Receivable B. Supplies C. Salaries Expense D. Accounts PayableConsider the following accounts and determine if the account is an asset (A), a liability (L), or equity (E). A. Accounts Receivable B. Sales Revenue C. Land D. Unearned RevenueWhat is the impact on the accounting equation when an accounts receivable is collected? A. both sides increase B. both sides decrease C. only the Asset side changes D. the total of neither side changes
- FAST PLZ - Which of the following is a contra-liability account? a. Notes Payable b. Discount on Notes Payable c. Accumulated Amortization d. Taxes PayableWhich of the following is a contra-liability account? a. Taxes Payable b. Accumulated Amortization c. Discount on Notes Payable d. Notes PayableAccounts receivable is classified as an _______________ a. An Asset b. A Expense. c. A Capital d. A Liability.
- Accounts receivable can be classified as _____ a. A Expense. b. A Liability. c. A Capital d. An AssetWhich of the following accounts is a liability? Accounts Receivable Service Revenue Unearned Revenue Prepaid Rent ExpenseThe account type and normal balance of Prepaid Expense are a.revenue, credit b.liability, credit c.expense, debit d.asset, debit
- Allowance for Doubtful Accounts is classified as a(n) ______ account and has a normal ______ balance. a. contra asset, debit b. contra asset, credit c. owner's equity, credit d. owner's equity, debitWhich of the following best describes the classification and normal balance of the accounts receivable account? Select one: a. Asset, Debit b. Liability, credit c. Revenue, credit d. Owner's equity, debitClassify the accounts as either an asset (A), liability (L), or equity (EQ) account. Note Receivable