Which of the following would be a credit balance on the trial balance? a) Drawings b) Bank overdraft c) Net book value of motor vehicles d) Discounts allowed to customers
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Which of the following would be a credit balance on the
a) Drawings
b) Bank overdraft
c) Net book value of motor vehicles
d) Discounts allowed to customers
Step by step
Solved in 2 steps
- Promissory notes can be used in which of the following cases? a. Lending money b. All the given options c. Borrowing money d. Credit purchases or credit sales Clear my choiceWill an accounts receivable balance increase with a debit or a credit entry? How do you know?Rules of debit and credit The following table summarizes the rules of debit and credit. For each of the items a through l, indicate whether the proper answer is a debit or a credit.
- Which of the following statements is correct about credit period? A. If a customer purchases goods within the credit period, a cash discount will be allowed to the customer B. If a customer settles the payment within the credit period, a cash discount will be allowed to the customer C. It refers to the period in which customers must settle their debts due D. It refers to the period in which customers need to settle one-third of the debts in order to avoid further interests chargedWhich of the following will increase the balance of accounts receivable? Group of answer choices Note discounted was dishonored by issuer at due date. Receipts of notes receivable as settlement of outstanding customer account. Sale of goods for cash. Collection of outstanding receivables.Which of the following documents is issued by a customer to provide information about the nature of a payment made for goods or services? a) A Remittance advice b) A Credit Notec) An Invoiced) A Quotation
- How will the following items affect the pass book balance? Direct payment by customer into the back account. Interest on investment collected by the bank.Credit sales are recorded by crediting an account receivable for specific customer. True or false?What is the difference between a credit score(FICO) and a credit report. How/where can you check your report? How/where can you check your score?
- A Credit Note would be issued by a business: A. as evidence of goods sold on credit. B. as reference for the credit worthiness of a long-standing customer. C. as evidence of the amount received as deposit in respect of a sale. D. to cancel fully or partly amounts receivable from customers.Which of the following is NOT a factor in the calculation of a FICO score? Total amount owed Amount of new credit utilized History of on-time payments Income levelAssuming HST is not charged, what will a POS Summary result in a credit to: * Bank O A/R O A/P O Revenue
