Choose between the two choices (Debit or Credit). Then, write your answer before the number. Prepaid Expense Prepaid Rent Deferred Revenue Accrued Liabilities Accumulated Depreciation Allowance for Doubtful Accounts Doubtful Accounts Expense Rent Income Unearned Revenue Supplies

Q: A credit is not the normal balance for which account listed below? Select one: a. Owner’s Drawings…

A: Generally assets and expenses has debit balances and incomes and liabilities has credit balances. In…

Q: Several accounts are listed below.  Please indicate whether the account is a permanent or temporary…

A: Definition: All accounts with Nominal account nature are temporary accounts All accounts with Real…

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: When closing income statement accounts having credit balances, which of the following accounts will…

A: The accounts that are temporary in nature are to be closed at the end of a period and these are…

Q: Which of the following is a temporary account? Multiple Choice Accounts Receivable Accumulated…

A: Balance sheet shows: Assets accounts Liabilities accounts Equity accounts Income statement shows:…

Q: What is the Rent Expense in the adjusted trial balance columns of worksheet? A. Income statement…

A: The financial statements of the business include the cash flow statement, income statement and…

Q: The Write Checks window can be used to pay expenses such as rent, utilities, and insurance. Group of…

A: An expense or an outlay is the amount that is incurred by an entity to generate income and to manage…

Q: A credit is used to decrease which of the following accounts (more than one may be correct)?…

A: As per rules of debit and credit,  All assets, expenses, withdrawals and dividend accounts will…

Q: What are revenues that have been earned but not recorded in the accounts called? Group of answer…

A: Deferred revenue, also known as unearned revenue, refers to advance payments a company receives for…

Q: Identify whether a debit or credit results in the indicated change for each of the following…

A: Unearned Revenue:   Unearned Revenue refers to the revenue earned by the company but the goods or…

Q: Which of the following doesn't correctly describe a journal entry which debits rent expense and…

A: The asset and expenses have the debit balance and liabilities and revenue have credit balance.

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: Analyze the statement given then choose if the effect on account will Increase or Decrease it.…

A: The accounting equation is the basic principle of accounting that is used to prepare a balance…

Q: Identify the group of accounts that are NOT SHOWN IN THE DEBIT COLUMN of the Trial Balance. O a.…

A: Ledger balances square measure sequestered into debit balances and credit balances. Quality and…

Q: From pages 5-1 and 5-3 of the LVN, match the term with its explanation. Put the answers in the right…

A: The pages attached provide us with an understanding of how credit transactions are recorded and how…

Q: Which of these accounts is never closed? Group of answer choices Prepaid Rent Income Summary Rent…

A: In accounts income and expense are closed at the end of the year by passing closing entry. Asset…

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: Accumulated depreciation account and allowance for doubtful accounts account are two examples of…

A: A contra asset account is one in which the account's natural balance is either zero or credit…

Q: Which of these accounts is never closed?A. Prepaid RentB. Income SummaryC. Rent RevenueD. Rent…

A: There are two type of accounts being used in accounting. One is temporary accounts and other is…

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: Indicate the best answer(s) for each question: Which of the following accounts is not closed to the…

A: Income summary account is temporary account which is create to closed all income and expenses which…

Q: h of the following is most likely considered an adjusting entry? The entry to record the payment of…

A: Adjusting entries are those entries which are prepared to adjust the revenues or expense to the…

Q: The journal entry to record the payment of the monthly rent would include: a debit to Rent Expense…

A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…

Q: How is the account Unearned Fees classified and what kind of balance should it have? Group of answer…

A: A current liability is an obligation for the company that has to be paid off within a year. It would…

Q: which is an example of prepaid expense? A. unearned fees B. supplies C. unearned subscriptions…

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

Q: What two accounts are affected by each of these adjustments?

A: Double entry system of accounting says that for every transaction, there must be atleast one debit…

Q: Consider the following accounts and identify each account as an Asset(A), Liability(L), or…

A: Assets accounts are those accounts that are related to resources of the organization. Liability…

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: ce revenue that are not yet received in cash are recorded as follows: Group of answer choices Debit…

A:

Q: If after sometime, I haven't paid yet my accounts payable to you, and you don't expect that I can…

A: Bad debts are irrecoverable accounts receivable that are written off in the profit and loss account.

Q: Consider the following accounts and identify each account as an asset (A), liability (L), or equity…

A: Equity = Total assets - Total liability

Q: Identify whether a debit or credit results in the indicated change for each of the following…

A:

Q: Which of these accounts is never closed? Prepaid Rent Income Summary Rent Revenue Rent Expense

A: Rent refers to the amount of consideration for using an asset like land, building or property for…

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: Identify whether each of the following accounts is permanent or temporary A. Accounts Receivable…

A: The post-closing trial balance is prepared after all the adjustment entries and closing entries.…

Q: explain the impact on the balance sheet and income statement, specifying which accounts are affected…

A: The income statement is part of the financial statement that indicates the profitability of the…

Q: Which of the following is most likely considered an adjusting entry? a. The entry to record the…

A: Solution: The entry to record bad debts expense is generally made at the end of period based on…

Q: Identify the nt below that is correct: Multiple Choice Debits decrease asset and expense accounts,…

A: A ledger is a book of accounts that contains debits and credits from the journals that have been…

Q: Which of the following entries records the receipt of cash for two months' rent? The cash was…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: The type of account with a normal credit balance is: Group of answer choices an asset drawing a…

A:

Q: Which of the following statements is correct? Prepaid Expenses are decreased with a debit. Unearned…

A:

Q: Allowance for Doubtful Accounts is classified as a(n) ______ account and has a normal ______…

A: The allowance for doubtful accounts is established to record the estimated bad debt expenses.

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.