For the following accounts indicate whether the normal balance is a debit or a credit A. Unearned Revenue B. Interest Expense C. Rent Expense D. Rent Revenue E. Accounts Payable F. Cash G. Supplies H. Accounts Payable I. Equipment J. Utilities Expense

Q: An account consists of Select one: a.             a title, a left side, and a debit balance. b. a…

A: An account consists of three parts: First the title of account (which is a unique name assigned to…

Q: Which of the following accounts will be closed with a credit? O a. Fees earned O b. Depreciation…

A: The question is related to Accouts which are closed by crediting them. All the nominal accounts  are…

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: What is the normal balance for each of these accounts? equipment cash advertising expeense accounts…

A: All assets and expenses normally have debit balance and all liabilities and income have credit…

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: Using accrual accounting, expenses are recorded and reported only a.when they are incurred, whether…

A: Under Accrual system of accounting, expenses are recorded in the books of account as they are…

Q: Which of the following explains the debit and credit rulesrelating to the recording of revenue and…

A:

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: T Account Form Debit Credit Footing Normal Balance Rent Expense Debit Credit Accounts Payable Debit…

A: T Account Form: It is a template that helps us to organize and balance the transactions or journal…

Q: Debit Effect Credit Effect Normal Balance -. Accounts Payable Credit Debit 2. Advertising Expense B.…

A: If any Account has a Normal Debit Balance , if its Debited it will increase the Balance and and if…

Q: It is a system of accounting for recording transactions, based on record and decreases in accounts…

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Which of the following accounts normally has a debitbalance?a. Unearned Revenueb. Rent Expensec.…

A: correct option is b.) Rent Expense Generally Assets, expenses, losses, and the owner's drawing…

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: What is the adjusting entry for accrued revenues? O A. Debit: Assets; Credit: Revenues. O B. Debit:…

A: Adjusting entries are to be reported at the end of the period in order to adjust the events happened…

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: Which among the following is prepared to verify that the sum of debits is equal to sum of credits? O…

A: Solution: "Trial balance" is prepared to verify that the sum of debits is equal to sum of credits.…

Q: An account consists of * O a title, a debit balance, and a credit balance. a title, a left side, and…

A: Accounts are used for recording journal entries in accounting. In making journal entries, at least…

Q: The Purchases account in a general ledger: O a. is an asset account. O b. appears on the income…

A: Account: It can be defined as a record in the general ledger that is used by the business to sort…

Q: What is the name of the system of accounting for recording transactions, based on recording…

A: Solution: Double entry accounting system is a system of accounting that ensures that every financial…

Q: The journal entry to record the sale of services on credit should include:(a) Debit to debtors and…

A: A journal entry is used to record day-to-day transactions of the business by debiting and crediting…

Q: Which of the following is an example of a prepaid expense? Please explain with full explanation. a.…

A: A prepaid expense is an asset for which we have paid in advance and for which the benefit shall be…

Q: Which of the following accounts will be used in equation, if the goods are sold on * ?credit to Mr.…

A:

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: Using accrual accounting, expenses are recorded and reported only a.when they are incurred, whether…

A: Under accounting, there are two types of systems that can be used. Cash basis of accounting says…

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: Using accrual accounting, expenses are recorded and reported only a.if they are paid before they are…

A: The correct option is Option “d”. Using accrual accounting, expenses are recorded and reported only…

Q: Which of the following states that a transaction is not recorded in the books of accounts unless it…

A: The accounting system is based on various accounting principles.

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

A: All expenses, losses, and assets should be debited and all income, gain, and liabilities should be…

Q: Which of the following is true about accounts payable? Accounts payable are also called trade…

A:

Q: The income statement is drawn up from the figures in the _________________ Select one: a. Accounts…

A: An income statement may be defined as that type financial statement which is prepared to ascertain…

Q: Which of the following account balance will be shown on debit side of Trial Balance? a. Cash O b.…

A: Trial Balance: It is a sheet which contains all the ledger balances categorized into debit and…

Q: The normal balance of the Input VAT account that can be credited in the financial statements is…

A: Financial statements: Financial statements are condensed summary of transactions communicated in the…

Q: basically about debit and credit, explain in detail using two accounts, how the golden rule of…

A: Accounting Accounting is used to keep the records of bussiness transaction up to date in the process…

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: 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: It is calculated to verify the sum of the debit is equal to the sum of credit a. Journal b. Trial…

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

Q: Identify whether each of the following accounts is nominal/temporary or real/permanent. Accounts…

A: A permanent account in the general journal does not close at the conclusion of a period is known as…

Q: Which of the following is an example of a prepaid expense? a.Unearned Subscription Revenue…

A: Prepaid expense: Expenses of future period are paid in advance. These expenses are called prepaid…

Q: Using accrual accounting, expenses are recorded and reported only a.if they are paid before they…

A: As per the cash basis of accounting, we should record the transaction only when corresponding cash…

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 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: 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: T-accounts and determine the final balance in each account balance. (Note: Posting to the Cash…

A: T-Account The left side of the Account is always the debit side and the right side is always the…

Q: State for each account whether it is likely to have (a) debit entries only, (b) credit entries only,…

A: Debit and credit: Recording of a transaction under debit side is debit and recording under credit…

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.