Receiving payments on an account receivable increases both equity and assets. True False

Q: Compared to the accrual basis of accounting, the cash basis understates income by the net decrease…

A: when net income has to be computed as per cash basis, the revenues and expenses actualle received or…

Q: The journal entry to record the payment of accounts payable will require a O credit to cash account…

A: Payment to accounts payable Decreases cash Decreases accounts payable

Q: When the entity received payment from its customers, without rendering its services yet, this would…

A: Payment received from customer without rendering its services is Income received in advance /…

Q: A customer of Triple D can also be a supplier to Triple D and then, if the creditor’s amount is more…

A: A creditor is the entity to whom the company owes money whereas a debtor is an entity who owes money…

Q: If the credit to record the payment of an account payable is not posted,a. cash will be…

A: The correct option is option “a”. a. cash will be overstated.

Q: When the payment is made to creditors, it would result in which among the following? a. decrease…

A: Creditors are the persons to whom the entity has to pay some due money.

Q: Assets are increased with debits and decreased with credits. True False

A: The rules of accounting indicate that all assets, expenses, and losses have a nominal debit balance.…

Q: The following table summarizes the rules of debit and credit. Indicate whether the proper answer is…

A: Normal balance of accounts describes the rules of debit credit in a way, like if the normal balance…

Q: he payment of liabilities would cause what effect on corresponding accounts?     Both increase…

A: The accounting equation signifies that the assets of a business are always equal to the total of…

Q: Accounts receivable are long term assets for the business Select one: True False

A: Long term assets are generally referred to as the non current assets of the business which takes…

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: Accounts payable are accounts that you expect will be paid to you. True False

A: Accounts payable are those accounts of suppliers from whom business has made credit purchases of…

Q: A negative entry raises the value of the assets and income accounts in the ledger. True \False

A: This question tells about  the value of the assets and income accounts in the ledger

Q: Money spent from a debit card is money that is borrowed and must be paid back. O True O False

A: Money spent from debit card is the money owned by the customer and is in  customers account only. i,…

Q: A debit entry increases assets and revenue accounts. True False

A: Revenue: This is the income of a firm during an accounting period. The income is recognized as and…

Q: True or False? You list the accounts on a Trial Balance in Ledger Order which is Assets,…

A: Order of accounts in Trial Balance should be in this order: Assets, Liabilities, Equity.

Q: Vhich of the following statements about adjusting for accruals is false? It will increase the values…

A: The accrued expenses are the expenses incurred but not paid yet. The accrued revenue is the revenue…

Q: A credit is used to increase which of the following accounts? a. Dividends. b. Insurance Expense. c.…

A: Credit: It refers to an entry that is recorded on the right side of the account. It implies an…

Q: Indicate whether a debit or credit decreases the normal balance of each of the following accounts.…

A: Land is an asset account.

Q: Indicate whether a debit or credit decreases the normal balance of each of the following accounts.…

A:

Q: if a customer owes interest on a bill, accounts receivable is debited, and interest expense is…

A: Accrued interest receivable: the accrued interest receivable means the interest income of a company…

Q: Jasper Corp. collects payment on an accounts receivable balance. This transaction Select one: O a.…

A: Increase in assets should be debited and decrease in assets should be credited.

Q: Which of the following is not an asset account? cash O prepaid expense O accrued expense accrued…

A: The asset will be having a debit balance and liabilities will be having a credit balance. Incomes…

Q: The word 'credit' means  An entry to the left side of an account An increases to an account An entry…

A: In accounting there are debit entry and credit entry and it is double entry bookkeeping.

Q: Accounts payable

A: The statement 2 is false because when accounts payable is recorded at the net amount, there is no…

Q: Which account has a normal credit balance? O Prepaid Rent Expense. O Dividends. O Common Stock. O…

A: The accounts in the business have debit or credit balance depending on the nature of account.

Q: debit or credit? accounts payable unearned revenue prepaid expense repairs and maintenance…

A: Assets are recorded in Balance Sheet and have debit balances and liabilities have credit balances.…

Q: There will be a when liability, capital, and revenue accounts decrease O a. neither debit nor credit…

A: Introduction: Nominal account rule: As per nominal account rule Debit all expenses and losses ,…

Q: Accounts payables are long term liabilities for the business Select one: True False

A: Long-term liabilities are financial obligations of a company that are due more than one year

Q: Identify, by indicating the relevant box in the table below, whether each of the following…

A: We have the following information:

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: Under the allowance method of uncollectible accounts, the entry to write off a customer’s account…

A: As per the allowance method, Bad debt expenses are set off with allowance for doubtful accounts and…

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: 2) Accounts receivable erroneously debited to note receivable  Effect on retained earnings -Since…

A: We know that both the accounts receivable and notes receivable are current assets. Retained earnings…

Q: Which of the following is a permanent account? A. dividends distributed B. allowance for doubtful…

A: Introduction: Permanent Accounts: At the end of accounting period the account doesn't closed, The…

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: The normal balance of an account is on the Debit side of the account Side represented by increase…

A: An account balance usually represents money in monetary terms  an account balance is either a debit…

Q: Indicate whether a debit or credit decreases the normal balance of each of the following accounts.…

A: Accounts payable can be defined as the current liability whose amount payment is the obligation of…

Q: What is the impact on the accounting equation when a payment of account payable is made? * both…

A: The accounting equation shows that the asset is equal to the sum of liabilities and stockholders'…

Q: Which of the following statements would be consideredtrue regarding debits and credits?a. In any…

A: The following is true about debits and credits

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

A:

Q: Are expenses of any kind a Debit account? Are they, a debit account because Owner's Equity is a…

A: 1. Are expenses of any kind a Debit account?Yes. All kinds of expenses are to be debited. In double…