When a customer pays in advance for products or services, which of the following accounts is credited? a.Sales Revenue b.Cash c.Unearned Revenue d.Accounts Receivable

Q: Which of these transactions requires a debit entry to Cash?A. paid balance due to suppliersB. sold…

A: Cash is one of the asset held by the business, for which normal balance is debit balance. Any…

Q: When the seller advances the transportation costs and the terms of sale are FOB shipping point, the…

A: FOB shipping point - Under FOB Shipping term of sale the purchaser have to bear the cost of…

Q: The journal entry to record a payment on account willa. debit Accounts Payable and credit Retained…

A: Journal entry:   Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Sales are recognized as earned revenue when a)Cash is received from credit sales b)An order is…

A: The revenue recognition is one among the various generally accepted accounting principles (GAAP).…

Q: Revenue is recorded when services have been performed or products have been delivered to customers.…

A: Introduction: Accounting Principals are created in order to increase the precision of financial data…

Q: Which among the following is considered as an expense? a. Accounts payable b. Rent expense c. Sales…

A: Expenses means the amount spent on running the business.

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 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: Multiple choice: A sale is recognized and recorded in the accounting records at the time:…

A: Accounting records: The accounting records refer to the recording of assets, liabilities, equity…

Q: The journal entry to record fees earned on account would be posted to which of the following…

A: There are three golden rules in accounting for recording the transaction : Debit what comes in ,…

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: The amount to be paid by the business to the supplier who supplied the material on credit is a.…

A: When Company purchased goods and services on credit from the supplier then it needs to be paid back…

Q: Which of the following is an example of revenue or expense to be recognized in the current period’s…

A: Income statement forms a part of financial statements and is prepared with a view to show the net…

Q: 1) Analyze the following transactions. Indicate which accounts are affected and whether they will…

A: The balance sheet represents that assets are equal to the sum of liabilities and stockholders'…

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: if a customer owes interest on a bill, accounts receivable is debited, and interest expense is…

A: Accrued interest receivable: the accrued interest receivable means the interest income of a company…

Q: The Sales Returns and Allowances account is reported as a

A: Sales Return refers to the process of returning goods by a customer back to the company or…

Q: The accounts receivable are sold to company known as a. Broker b. Factor c. Accounting service…

A: Factoring is a type of service offered by finance companies in which the entity or company sells all…

Q: When recognizing revenue, a company has a performance obligation when it agrees to receives cash…

A: Solution: When recognizing revenue, a company has a performance obligation when it agrees to…

Q: It is the amount collected by the business in advance from the customers before the business…

A: A. Bank overdraft is facility by the bank to borrow the amount of money B. Outstanding expenses is a…

Q: The current assets of FDN Company's Statement of Financial Position would have the following: Trade…

A: Current assets: Current assets are all those assets that are expected to be sold or used as a result…

Q: When recognizing revenue, a company has a performance obligation when it agrees to a. perform a…

A: A performance obligation is satisfied when the company delivered goods or performed services to…

Q: The cash basis of accounting records revenues and expenses when the cash is exchanged, while the…

A: Accrual basis of accounting: Accrual basis of accounting refers to recognizing the expenses and…

Q: Which of the following groups of accounts increase with credits? O a. Accounts Receivable, Prepaid…

A: In an accounting system, journals are made up of one or more debits and credits. To add or decrease…

Q: It is the amount collected by the business in advance from the customers before the business…

A: Under the accrual basis of accounting business transactions are recorded in books of accounts as and…

Q: What is the amount to be collected by the business from customer who receive the product or services…

A: When a corporation purchases product on credit that must be paid back during a short amount of your…

Q: Which of the following situations has to .5 ? do with account payable )2 نقطة( Sales on credit…

A: Note: Since you have posted multiple questions, we will solve the first question. Please submit a…

Q: it is urgent  A promise received from a business's customers to pay for goods and services that…

A: Introduction Sales may be defined as the activity of exchanging goods and services for money. It may…

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…

Q: What is the amount to be collected by the business from customer who receive the product or services…

A: Option a. Accounts payable is a liability which represents that an asset is purchased on account and…

Q: When should revenue from the sale of merchandise normally be recognized? A)When the customer takes…

A: Revenue recognition concept says that when all the risk and reward has been passed on to the buyer…

Q: Which of the following transactions will be recorded in cash payment journal? a. Receipt of income…

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

Q: occur when a company receives cash before it can recognize revenue or when a comp. pays cash before…

A: Deferrals refers receipt or payment is done but to be recognised later. Estimates refers to a rough…

Q: external event that would be recorded as a transaction, an internal event that would be recorded as…

A: For the above transactions it would be classified as below :

Q: The accountant for Tom's Tax Preparation, Inc. recorded a transaction by debiting Accounts Payable…

A: The question is based on the concept of business accounting.

Q: How does receiving a payment from a customer on account affect the accounting equation?

A: Accounting equation: Accounting equation is an accounting tool expressed in the form of the…

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: 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: the company rendered services on account, what is the entry? O debit cash, credit service revenue…

A: Rendering services is called service revenue for the business. For services rendered, amount may be…

Q: Which of the following is the entry to be recorded by alaw firm when it receives a payment from a…

A: The question is multiple choice question. Required  Choose the Correct Option.