a. a. a.stockholders' equity and assets b.revenues, liabilities, and stockholders' equity c.assets and expenses d.liabilities and stockholders' equity Principles of Accounting Volume 1 19th Edition ISBN: 9781947172685 Author: OpenStax Publisher: OpenStax College expand_more Chapter 3 Accounting Flashcards | Quizlet How is it possible for mantle rock to flow? Transactions are recorded based on the double-entry system Our experts can answer your tough homework and study questions. This problem has been solved! Prepaid expenses and accounts paya, Identify the following account as (a) asset, (b) liability, (c) revenue, or (d) expense. c. Sales Returns and Allowances. d. debit to Accounts Receivable for $1,200. Which of the following groups of accounts have a normal credit balance? Is its normal balance a debit or a credit? D. Debit to purchases discount for $6. Which Ledger Accounts Will Normally Have Credit Balances? Liability c. Equity d. Revenue e. Expense. As against, a credit balance is an extra amount on the credit side when compared to the debit side. The cost of the merchandise sold was $8,320. Statement of cash flows B. Net sales for the year were $500,000. Two key elements in accounting are debits and credits. All. a. C. a $100 cash dividend is debited to Dividends for $1,000 and credited to Cash for $100. Cost of goods sold $9,000 Accounts Payable $1,450 Paid-in capital $2,000 Cash 750 Sales 10,000 Dividends 700 Retained earnings (beginning) 1,000 Inventory 4,000, Which of the following accounts is closed by an entry that includes a debit to Income Summary? Also indicate which financial statement the account balance would appear on using income state, Which of the following assets would be classified as current assets on the balance sheet? Received payment less the discount. b. a. accumulated depreciation b. depreciation expense c. dividends d. sales revenue, For each transaction recorded in an accounting system, the basic equation that must be maintained all the time is: A. For which of the following types of adjusting entries are liabilities understated and expenses understated before the adjusting entry is made? b. Prepaid Expenses, Unearned Revenues, Fees Earned. B. Unearned revenue. c. Capital Account, Drawing Account, Income Summary. Question 1 Which accounts normally have debit balances? a) The conversion of partnership assets into cash. Received payment less the discount. Allowance for Uncollectible Accounts has a credit balance of $1,000. Cost of Goods Sold c. Sales Returns and Allowances d. Purchase Discounts, Accounts receivable has a balance of 750,000 and the allowance for doubtful accounts has a debit balance of 600 at the end of the current year prior to adjustment. a. In the past, 2 percent of sales have proved uncollectible, and, Trial Balance for a Merchandiser as at May 30, 2015, DR CR Cash 1,500,000 Accounts receivable 650,000 Merchandise Inventory 225,000 Supplies 120,000 Prepaid insurance 75,000 Building 8,000,000 Accumulated depreciation-building 1,200,000 Furniture a, A debit is not the normal balance for which account listed below? Which accounts normally have debit balance. b liabilities and expenses. A) common stock B) account payable C) account receivable D) retained earnings E) unearned service revenue C) account receivable Every accounting transaction involves an increase in at least one account and a decrease in at least one other account True or false False Net sales for the year were $350,000. Cash, contributed capital, and retained earnings. Cash c. Accounts Receivable d. Service Revenue, Given below is the data: Accounts Receivable $64,780 Allowance for Uncollectible Accounts $865 credit Gross Sales $345,750 Charge sales $185,300 The aging of accounts receivable indicates uncollectible accounts of $2,295. C) both income statement and balance sheet accounts will be affected. d. See Answer a. c. Expense. When using a revenue journal: A) both a "Fees Earned" and an "Accounts Receivable" column are included. The general ledger accounts for Accounts Receivable show a debit balance of $40,000. (c) Equipment. a) Accounts Receivable, Revenue, Cash b) Cash, Accounts Payable, Building c) Prepaid Expenses, Building, Patents d) Unearned Revenues, Prepaid Expenses, Cash, Which of the following accounts is most likely associated with an accrued expense? a. accumulated depreciation b. depreciation expense c. dividends d. sales revenue, Expense accounts A) Are increased with credit entries B) Are increased with debit entries C) Normally have credit balances D) Are closed to the capital stock account, Which of the following is NOT an item of a Balance Sheet? B. d. Purchases. Accounts Payable. Normal Balance of Accounts | Double Entry Bookkeeping Classify the owner's withdrawals account as a revenue, an expense, an asset, a liability, or an equity account. The type of account and normal balance of Accumulated Depreciation are: a) contra asset, debit b) asset, credit c) asset, debit d) liability, credit e) contra asset, credit, Identify the following account as a revenue, asset, liability, owner's equity, or expense then identify the normal balance of each as either credit or debit. Contributed capital, retained earnings, and revenues. Allowance for Uncollectible Accounts has a credit balance of $1,000. Liabilities, expenses, and assets. Which of the following account groups are nominal accounts? C) Sales returns, Sales reported on the income statement were $90,000. The account receivable balance decreased $8,000 over the year. Accounts Payable b. When a seller records a return of goods, the account that is credited is a. The balance in the sales discounts account is to be reported on the income statement as a(n): a. contra account to sales. (d) Dividends. Which of the following accounts has a normal debit balance? A) Inventory B) Accounts receivable C) Accounts payable D) Cash, Journalize the entries for the following transactions: Sold merchandise for cash $12,050. a. The Sales Returns and Allowances account is classified as a(n) a. asset account. Examples of these accounts are The Allowance for Uncollectible Accounts has a credit balance of $1,000. Revenues, liabilities, capital b. Which accounts normally have debit balances? Get access to this video and our entire Q&A library, Understanding Debits and Credits in Accounting. Journalize the following merchandise transactions: a. Salaries Payable c. Unearned Revenue d. Accounts Receivable, Identify the following account as (a) asset, (b) liability, (c) revenue, or (d) expense. d. Assets and liabilities. c. liability and credit. B) no balance remains in the dividends, revenue, and expenses accounts. b. Why Do Assets and Expenses Both Have a Debit Balance? This is often illustrated by showing the amount on the left side of a T-account. a. Journalize the following merchandise transactions. Capital, assets c. Liability, expenses d. Assets, expenses e. Common stock, dividends, Which of the following groups of accounts shows only accounts that are increased with a debit? Best Answer Copy Assets, expenses, and revenuesAssets, expenses, and retained earnings INCORRECT Assets, liabilities, and dividends Assets, expenses, and dividendsCORRECT ANSWER Wiki User . Service Revenue C. Dividends D. Accounts Payable. Which accounts normally have debit balances? A. c. Sales Returns and Allowances will be credited. Liabilities and Stockholders' Equity C. Revenues and Expenses D. Liabilities and Expenses, What is the type of account and normal balance of allowance for doubtful accounts? Contributed capital, retained earnings, and revenues. Which accounts normally have debit balances? A) Assets, expenses, and a) Sales b) Merchandise Inventory c) Accounts Payable d) Interest Revenue, Accumulated depreciation is a(n) account and carries a normal balance. Which group of accounts is comprised of only assets? We have to use I for Income Statement, RE for Statement of Retained. Identify which of the following lists includes only examples of assets. A) Dividends B) Assets C) Liabilities D) Common Stock, In terms of debits and credits, which accounts below will have the same normal balances? A) Cash B) Salaries Payable C) Accounts receivables D) Notes receivable E) Accrued liabilities Cash, Which of the following accounts is not closed? a. d. addition to sales. (a) Accounts Receivable. a. cash, accounts payable, and notes payable b. cash, retained earnings, and accounts receivable c. cash, accounts receivable, and inventories d. inventories, property and e, Which group of accounts is comprised of only assets? Equity Solved Which of the following accounts normally have debit | Chegg.com a. The cost of merchandise sold was, The balance of accounts receivable is $275,000. Interest Expense C. Rent Expense D. Rent Revenue E. Accounts Payable F. Cash G. Supplies H. Accounts Payable I. d. accounts payable. 4) Rent Expense. Sold merchandise on account, $41,100 with terms 2/10, n/30. b. debit to Cash for $1,200. Journalize the following merchandise transactions. Sales revenue. Cash, Dividends, Wages Payable. a. Received payment minus the discount. The trial balance before adjustment for ABC co. reports the following balances: (TABLE) Prepare the entries for bad debt expense assuming the uncollectible amount be 1) 2% of gross account receivable and 2) 0.5% of net sales. Net sales for the year were $522,000. Debit balance definition AccountingTools b. Unearned service revenue Health & Parenting Guide - Your Guide to Raising a Happy & Healthy Family Asset, debit b. Also indicate which financial statement the account balance would appear on using income stateme. a) Interest Payable b) Retained Earnings c) Prepaid expenses d) Accounts Receivable e) Gross Profit, A debit is not the normal balance for which account listed below? copyright 2003-2023 Homework.Study.com. ASSETS = EQUITY + LIABILITIES, A: Lets understand the basics. c. Liabilities and revenues. Which of the following accounts in a merchandising company is affected by both the revenue cycle and another cycle? Allowance for Uncollectible Accounts has a credit balance of $3,000. Cash b. A. copyright 2003-2023 Homework.Study.com. c. Assets, liabilities, revenues, expenses, owner's equity. Revenue, expense, and dividend accounts used to show the balances of the components of retained earnings B. Assets and dividends are Our experts can answer your tough homework and study questions. a. expenses, assets, dividends b. assets, capital stock, revenues c. retained earnings, dividends, liabilities d. expenses, liabilities, capital stock. Which accounts normally have debit balances? 2)- Liability accounts normally have credit balances and are increased by credits. To understand the journal entries, a T-account can be prepared to visualize how the transactions recorded affect each account. Such an account is said to be overdrawn, and so is not actually allowed to have a negative balance - the bank simply refuses to honor any checks presented against the account that would cause it to have a debit balance. B. In which of the following types of accounts are increases recorded by credits? Do they have to give members warning before they bar you? a) Common stock b) Account payable c) Accounts receivable d) Retained earnings e) Unearned service revenue. D. Cash. Dividends declared are listed on the income statement. Asset. a. What years of time was the separate but equal doctrine the law of the land in the US? Understand these critical pieces of notation by exploring the definitions and purposes of debits and credits and how they help form the basics of double-entry accounting.

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