Unearned Service Revenues are revenues with Credit as a normal balance O True O False
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: Determine whether each sentence is True or False Interest payable, retained earnings, and sales…
A: NOTE : As per BARTLEBY guidelines, when multiple questions are given then first question is to be…
Q: Accounts payable and accrued liabilities are interchangeable account titles.
A: Accounts payable: accounts payable is the amount that have to be paid to the supplier of goods or…
Q: Which of the following accounts is not considered a temporary or nominal account? O service revenue…
A: Nominal Accounts: Nominal Accounts are those accounts which closed at the end of year. for example…
Q: True (t) or False (f) ____ The matching principle states that debits mus equal credits in each…
A: Matching concept follows the accrual accounting concept of business.
Q: ules of Debit and Credit Directions: Indicate whether each account identified is to be debited…
A: Accounting equation of the business says that all assets of the business must be equal to total…
Q: Liabilities and Revenues O Are decreased by debits and increased by credits Are decreased by both…
A: The different accounts in the business have debit or credit balance. According to the rules of…
Q: Which of the following accounts has a balance whereby credits normally exceed debits? Rent Expense…
A: Assets and Liabilities - Assets are the resources of the organization and Liabilities are the…
Q: Indicate whether a debit or credit decreases the normal balance of each of the following accounts.…
A: Normal balance: Normal balance refers to the excess of amount on one side, over the amount on the…
Q: The value of Assets, Drawing and Revenues is normally reflected on the debit side of the Trial…
A: The financial statements of the business include the income statement and balance sheet of the firm.…
Q: A note payable can be used to extend the payment due on an account payable. O True O False
A: Solution: A notes payable is used for financing, it indicates the money owed by issuer. By issuing…
Q: Accounts that normally have a credit balance are… lag stion © A. Expenses, capital & liabilities B.…
A: The normal balance is the balance side that increases the value of an item. And the opposite side of…
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: A debit balance in which of the following accounts would indicate a likely error? a.Notes Payable…
A: Normally all assets and expense accounts in the business have debit balances. All liabilities,…
Q: nterest payable, retained earnings, and sales revenue have a balance whereby credits normally exceed…
A: Entry ledger have a balance of debit , credit or nil balance. Every assets and expenses are having…
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: Unearned Service Revenues are revenues with Credit as a normal balance True O False
A: Unearned Service Revenue The concept of unearned revenues in a firm in which the nature is not for…
Q: Is Accounts Payable a debit, a credit, or a combination of the two?
A: Account payable has always a credit balance. It is liability for a person who have acquired some…
Q: Assuming HST is not charged, what will a POS Summary result in a credit to: * Bank O A/R O A/P O…
A: Point of sale (POS) is place where a customer made payment for goods or services. Point of sale…
Q: Excess of Debit side over Credit side is called?
A: Books of accounts contains various ledgers. And these ledgers contain various accounts. These…
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: The collection of customer’s account is credited to accounts payable. What is the effect of the…
A: Ans. When a customer pays the journal entry to be passed is : Cash a/c Dr. xxxx…
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: What is the impact on the accounting equation when an accounts receivable is collected?A. both sides…
A: Accounting equation is one of the important concept used in accounting. Three elements of accounting…
Q: Which of the following is true regarding 'Credit Balance' in ledger account? O a. All options are…
A: Option d is correct.
Q: Interest payable, retained earnings, and sales revenue have a balance whereby credits normally…
A: Gross profit: It is a profit earned by a firm after deducting its cost related to production from…
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: The total credit equal to the total of debit in ledger account is called: O a. Credit balance O b.…
A: The ledger is prepared using journal entries.
Q: A revenue account is closed by debiting Income Summary and crediting Service Revenue. True or False
A: A major step in the accounting cycle that must not be skipped by any company is the closing process.…
Q: A contra account will not be listed immediately after its related account. O be potentially…
A: A contra account is the type of account that has balance that is opposite of the normal balance for…
Q: Assets are recorded on which side of the trial balance? Debit side Credit side Both sides None of…
A: A trial balance is a list of all the general ledger accounts
Q: true or false Expense Accounts normally have a credit balance
A: In accounting, some rules of debit and credit are defined to make journal entries. These are rules…
Q: Assets are increased by debits and liabilities are decreased by credits. TRUE FALSE
A: Hey, since there are multiple questions posted, we will answer the first question. If you want any…
Q: ment of supplier’s account is debited to accounts receivable. What is the effect of the error in…
A: Supplier account is an account payables account classified under current liabilities .Accounts…
Q: Debit interest payments are added to revenue but subtracted from outlays. Select one: True False
A: Since you have posted multiple questions, we will do the first one for you. To get the other…
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: A liability account is increased by a debit. O True False
A: Liabilities means obligations of business that it has to pay to some outside parties or to its…
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: The type of account with a normal credit balance is: Group of answer choices an asset drawing a…
A:
Q: The payment of supplier’s account is debited to accounts receivable. What is the effect of the error…
A: The Account Receivables are assets for the firm and Account Payables are liability for the firm. The…
Q: In profit and loss account, if debit is more than the credit, the difference is [A] net profit [B]…
A: In profit & loss (P&L) account the difference between debit and credit balances is termed as…
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.
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- Crediting "Unearned Service Revenue" always results a debit of “Cash" * O True O FalseWhich of the following accounts normally has a debitbalance?a. Unearned Revenueb. Rent Expensec. Retained Earningsd. Sales RevenueWhich of the following is not a nominal account?a. Freight Inb. Prepaid insurance Expensec. Interest Incomed. None of the above
- Interest payable, retained earnings, and sales revenue have a balance whereby credits normally exceed debits * True FalseUnless otherwise stated, financial transactions assume the compounding frequency is greater than the payment frequency. Group of answer choices True FalseThe practice of recording advance payments from customers as a liability is an example of applying the O Going concern assumption. O Monetary unit assumption. O Historical cost principle. Revenue recognition principle.
- The account, Discount on Notes Payable, is a a.contra-asset. b.deferred charge. c.liability. d.contra-liability.Which of the following accounts is not considered a temporary or nominal account? service revenue other revenue unearned revenue O interest revenueTrue (t) or False (f) ____ The matching principle states that debits mus equal credits in each transaction.
- The Allowance for Doubtful Accounts account is a contra asset account to Accounts Receivable. True O False 4state the differences between unearned revenue and accounts payable? both accounts are liabilities therefore what is the normal balance of liability and does it matter?Excess of Debit side over Credit side is called? Select one: a. All of the above b. Debit Balance c. Liability Accounts d. Credit Balance