The purchase of good on credit require: O A. Amount of payment O B. Timing of payment O C. Credit terms O D. All the answers are correct
Q: To which element does the following definition correspond: It is a format where interest and…
A: Loan A loan refers to the amount which is borrowed from a financial or a non-financial institution.…
Q: Define the following using your own words and give examples To credit Debit Credit
A: Introduction:- Debit column is on the left and the credit column is on the right. Every transaction…
Q: The realisation concept determines when goods sent on credit to customers are to be included in the…
A: Sales: It is an activity of selling goods and services in exchange for money.
Q: Which term is associated with '' left'' or''left side'' a) Debit b) Credit
A: While preparing general ledger accounts in books, there are two sides of account. One is left side…
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A: The goods purchased on account increases the inventory and also increase the liability.
Q: Sales made to Ahmed on credit should be debited to.
A: The phrase "credit sales" alludes to the exchange of possession of products and services to a…
Q: “Credit card” (with an outstanding balance) would be which type of account? a.Proprietary…
A: Introduction: Credit card is a source of short term financing which is unsecured in nature. As these…
Q: e traditional 4 C’s of credit analysis, which is the ability of a company to make payments on time?…
A: 4Cs of credit are Collateral, Covenant, Capacity and character.
Q: The control procedure “credit sales approved by credit department” is directed toward which…
A: Existence assertion relates to asserting if the transaction has actually taken place. Completeness…
Q: When a customer (buyer) returns merchandise purchased on credit,what is to be done?
A: Sales Returns: It is the merchandise returned by a buyer to a seller due to many reasons like excess…
Q: 7. For every debit entry there must be a credit entry. A.Principle of entity B. Principle of…
A: As requested to Answer question number 7 & 8 As per our policy only one question per post is…
Q: based on the statement List down true or false and explain 1. Major part of lending process…
A: based on the statement mentioned above we need to evaluate if they are correct or not.
Q: A credit balance to a client’s accounts payable account representing right to receive payment for…
A: Accounts payable accounts are consisting of those supplier accounts from whom business has made…
Q: A ____ will cause Cost of Goods Sold to decrease. A. Debit B. Credit
A: Cost of Goods Sold means Cost involved in making of goods or providing services. Direct Material,…
Q: What is a sale on credit and why it is needed? Give three examples?
A: Sale on Credit: A sale on credit is revenue earned by a company when it sells goods and allows the…
Q: rms: credit transfer, dishonoured cheque, standing order and give examples, the purposes, advantage
A: Credit transfer can refer to: The transfer of money from one account to another, also called a wire…
Q: al credit sales ts purchasing ivable has shi agement a ye
A: Receivables outstanding = 1710000×23/365= $107,753 Payables outstanding = 1710000×49.56%…
Q: ow to record credit sale in an entrie?
A: Credit sales mean the amount which is delayed to paid but agreed to pay in future by the consumer.
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: Are drawing a credit or debit
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: equest a
A: Manufacturing overhead rates refer to the regulated factory expenses designated for each unit of…
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A: The terms debit (DR) and credit (CR) have Latin roots: debit comes from the word debitum, meaning…
Q: For every debit there will be an equal credit according to a. Money measurement concept b. Dual…
A: According to the Dual aspect concept, each and every transaction has two aspects one is Debit and…
Q: Which term is associated with “right” or “right-side”? Debit. Credit.
A: In the T accout format The right side in accounting always represents the credit side of the…
Q: A knowledgeable investor tries to asses -earnings quality -accounts receivable a -accounts payable…
A: Investor is the person who invests in some property or asset.
Q: Define the following using your own words and give examples Account T-account To debit
A: As per the guidelines, only three subparts are allowed to be solved. Please resubmit the remaining…
Q: Which of the following is true regarding 'Credit Balance' in ledger account? O a. All options are…
A: Option d is correct.
Q: 6) Which of the following are the normal baiances of Sales, Sales discounts, and Sales returms and…
A: Introduction: Accounting: Accounting is an art of recording , classifying and summarising and…
Q: Do the term debit and credit signify increase or decrease, o
A: Debit means increased under limited conditions . You must look at what type of an account you are…
Q: Define each of the following terms: l. Stretching accounts payable; free trade credit; costly trade…
A: Trade credit is the outstanding due arising from sales or purchases made on credit. Accounts Payable…
Q: When a cxompany extends credit directly to a customer for a purchase, the sale is recorded as a…
A: Sales can be in cash or credit. Cash sales amount is received immediately and credit sales amount is…
Q: In your own definition what is credit and what is collection
A: The businesses tend to conduct their operations not only on a cash basis but also on a credit basis.…
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A: Credit selection refers to the decision to whether the company should extend the period or the…
Q: Hi why is the net income on the credit side and not debit?
A: Net Income - Net Income is the result of the revenue over expense incurred by the company. It will…
Q: The classification and normal balance of the sales discount account would be A. expense and debit B.…
A: The seller for increasing their sales uses the sales discount method and for recovering early…
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: Define each of the following terms:i. Credit policy; credit period; credit standards; collection…
A: CREDIT POLICY- ''Guidelines that spell out a way to decide which customers area unit sold-out 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: Diffrence between debit and credit ?
A: Debit and credit are two sides of general ledger account. For some accounts, debit means increase…
Q: The type of account with a normal credit balance is: Group of answer choices an asset drawing a…
A:
Q: Internal sources of credit information t
A: Second option is wrong because financial statements are published and can be used as an external…
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- Excess of Debit side over Credit side is called? Select one: a. All of the above b. Debit Balance c. Liability Accounts d. Credit BalanceComplete the following table by indicating for (a) through (g) whether the proper answer is debit or credit:Guide Questions 1. What are the elements of an expanded accounting equation? 2. Can you still remember the different accounts in your chart of accounts? 3. Can you give example of transactions which results to an increase or decrease in an account? Rubric Activity Advanced Competent Developing Beginner
- 2. According to the list items below, tick (√) either the debit column or credit column based to which side of the trial balance you would expect the item to appear.Items DEBIT CREDITOffice EquipmentCreditorsInsuranceCashRent payableDebtorsSalesRent receivableDrawingsMotor vehiclesLoan from CUMB BhdCapitalWagesPremisesCarriage inwardsFor every debit entry there must be a credit entry. O A. Principle of entity O B. Principle of double entry O C. Principle of historical cost OD. Principle of materiality Previous page11. Which of the following accounts would be increased with a credit? a Supplies Expense b Supplies c Fees Earned d Withdrawals account
- LETS START I. Matching type: Directions: Match the terms in Column A with the correct definition in Column B. You may choose more than one a. one answer from Column B. ANSWER Column A Column B 1. Principal A. time money is borrowed 2. Term B. amount paid or earned for the use of money 3. Interest C. percentage of increase of investment 4. Maturity Value D. amount of money borrowed or investment E. amount added by the lender, to be received on repayment date F. amount received on repayment date 5. Interest rateUse the following to answer questions 16 - 19 For each transaction indicate whether it should: A. increase, B. decrease, or C. no effect. Credit sales transaction cycle Asskiabilitstockholders’ equRtøvenespenses 16. Provide services on account 17. Estimate uncollectible accounts 18. Write off accounts as uncollectible 19. Collect on account previously written offT-Accounts (All Formulas/Equations) Would you please provide me with the formula/equation used to find the missing amount in a T-Account. Please look at the example below and provide me the answers in that same type of format so that it is easy to understand. Beginning Balance is missing Transaction on debit side is missing Transaction on credit side is missing FINDING BEGINNING BALANCE EXAMPLEBeginning balance = Ending balance + right side of T-Account - Left side of T-AccountBeginning balance = $9,800 + ($4,500 +$2,200 +$3,500) - ($2,500 +$4,000 +$3,400)Beginning balance = $9,800 + $10,200 - $9,900Begining balance = $10,100
- Use the following T-account for Careful Corporation to answer questions 11 and 12: Accounts Receivable Beg. Bal. $ 187 18 150 6 64 15 19 End. Bal. $ ? The ending balance of Accounts Receivable for Careful is: Group of answer choices A. $401 debit B. $343 debit C. $343 credit D. $ 58 creditComplete the following table by indicating for (a) through (g) whether the proper answer is debit or credit: Normal Decrease Balance Account Increase Purchases debit (a) (b) Purchases Discounts credit (c) credit Purchases Returns and Allowances (d) (e) (f) Freight In debit (g) debitQ-5: a- What is a discount and credit term? Discuss the closing entries in detail. b- Discount vs Rebate