Which account has a normal credit balance? O Prepaid Rent Expense. O Dividends. O Common Stock. O Advertising Expense O None of the above.

Q: 16. Which of, the following statements is false concerning the rules of debits and credits? * A. The…

A: Answer are as follows

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: Which of the following statements is not true? Multiple Choice The number of credits posted must…

A: The double entry system or arrangement of bookkeeping or accounting implies that for each business…

Q: A credit balance in which of the following accounts would indicate a likely error? a) Dividends b)…

A: The following accounts are normally have a credit balances: 1. Accounts Payable 2. Fees Earned 3.…

Q: The standard accounting equation Assets - Liabilities = Owner's Equity allows the analysis of normal…

A: The question is related to True and False. The basic Accounting equation ia as under  Assets =…

Q: The normal balance of an account is on the Side represented by decreases in the account balance O…

A: Answer The correct option is C)Side represented by increase in the account balance Explanation An…

Q: Which of the following is a permanent account? a. Dividends Distributed b. Allowance for Doubtful…

A: Permanent accounts means an account which we do not write off in profit and loss account or trading…

Q: Which of the following is not a nominal account? a. Freight In b. Prepaid insurance Expense c.…

A: Explanation: 1. Nominal Account: Nominal Account includes the accounts which are related with…

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: What type of accounts are Interest * ?Receivable and Fees Receivable Equity Asset Liability O…

A: Revenue is the amount generated through the normal course business operation. It can be calculated…

Q: hat is the difference between a nominal account and a real account?

A: Accounting transactions for a separate fiscal year are recorded in a nominal account. Accounting…

Q: Trading account is a [A] personal account [B] real account [C] nominal account [D] none of the…

A: Trading account refers to account of investments that consists of securities, cash and other…

Q: tell whether the assets, liabilities and equity will increase (I), decrease (D) or is not affected…

A: The accounting equation is considered to be the foundation of the double entry accounting system. On…

Q: Which of the following pairs of accounts are impacted the same with debits and credits?A. Cash and…

A: There are two sides of account in accounting. One is debit side and other is credit side. For all…

Q: hich of these accounts is never closed? Service Fee Re

A: Permanent accounts: The account which continues beyond the accounting period of a business is called…

Q: A credit is used to increase which of the following accounts? a. Dividends. b. Insurance Expense. c.…

A: Credit: It refers to an entry that is recorded on the right side of the account. It implies an…

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

A:

Q: Which of the following is not one of the major groups that make up the balance of payments? O a.…

A: Balance of payment is a statement which records all the transactions of monetary nature incurred…

Q: Question 7 What is the impact on the accounting equation when an accounts receivable is collected? O…

A: Accounts Receivables comes under the head of current assets in the Balance sheet .

Q: Which of the following is not an asset account? cash O prepaid expense O accrued expense accrued…

A: The asset will be having a debit balance and liabilities will be having a credit balance. Incomes…

Q: Accounts payable

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

Q: Which of the following statements are true? 1. Debits represent decreases and Credits represent…

A: Every debit has his credit, So it should be equal.

Q: Which of the following accounts normally has a debit balance? a. Prepaid insurance b. Unearned…

A: There are five important components in the financial statements. They are Assets, Liabilities,…

Q: Which of the following is true regarding 'Credit Balance' in ledger account? O a. All options are…

A: Option d is correct.

Q: Identifying accounts Consider the following accounts: a. Notes Receivable b. Common Stock c. Prepaid…

A: Particulars Category a. Notes Receivable Assets b. Common Stock Equity c. Prepaid Insurance…

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

A:

Q: What is the impact on the accounting equation when a payment of account payable is made?A. both…

A: Accounting equation of the business has three elements, these are Assets, Liabilities and Equity.…

Q: 4. What account will not be found in the financial statements of a company using accrual basis of…

A: Accrual Basis Accounting-:Accruals are revenues earned or expenses incurred which impact a company's…

Q: The closing entry for an expense account would include a debit to: O The expense account and a…

A: Closing entries are used to close the temporary accounts and transfer the balance to a permanent…

Q: Which of the following is a permanent account? A. dividends distributed B. allowance for doubtful…

A: Introduction: Permanent Accounts: At the end of accounting period the account doesn't closed, 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 set of accounts has the same type of normal balance?A. Cash, accounts payableB. Prepaid rent,…

A: There are two sides of account used in accounting. One is debit side and other is credit side.

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: 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: hich one of the following statements about revenue is not correct? A. Revenue can result in…

A: Revenue is the amount of money earned on account of sale of goods or rendering of services.

Q: Which of the following pairs increase with credit entries?A. supplies and retained earningsB. rent…

A: There are two sides of account, used in accounting. One is debit side and other is credit side. All…

Q: Are expenses of any kind a Debit account? Are they, a debit account because Owner's Equity is a…

A: 1. Are expenses of any kind a Debit account?Yes. All kinds of expenses are to be debited. In double…

Q: Which of the following accounts have a debit normal balance? Select one: a. Dividends Payable b.…

A: Ans.  b  Salaries expense

Q: A debit is not the normal balance for which of the following? O a) Asset account b) Dividends…

A: Normal debit balance include assets expenses and losses  Nature of Account Normal Balance…

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.