which one of the following accounts normally has a credit balance? A. Drawings  B. Capital C. Cash D. Premises

Q: Is Accounts Payable a credit, a debit, or both?

A: Current liability: It implies to the debt obligation that is to be repaid within a span of one year.…

Q: The standard accounting equation Assets - Liabilities = Owner's Equity allows the analysis of normal…

A: The question is related to True and False. The basic Accounting equation ia as under  Assets =…

Q: Which type of credit account is balanced in the last two columns of a worksheet? O A. Expense B.…

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

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…

Q: Which journal entries is correct when a business entity collects an accounts receivable? A. Cash -…

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

Q: Crediting means O a. Entering the amount on the left side of the account O b. Entering the amount on…

A: Introduction: Accounting: Accounting is an art of recording , classifying , summarizing and…

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: “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: the account has both debit and credit balance brought down?

A: 1- Sales ledger control account credit balance brought down. A "sales ledger control account" is the…

Q: According to which concept all the transactions are measurable in the terms of money are recorded in…

A: THE MONEY MEASUREMENT CONCEPTS STATES THAT ONLY THOSE ACCOUNTING TRANSACTIONS ARE RECORDED WHICH CAN…

Q: An account is said to have a debit balance if? Select one: O a. There are more entries on the debit…

A: A debit entry is when the entry has a negative impact on the liabilities or a positive impact on…

Q: Which one of the following is used to prepare ledger account? a. Transactions b. Events c. Income…

A: The right answer is option d.   Journal is the primary book of accounting  which recognizes all…

Q: When a financial transaction occurs, it affects at least two accounts and every ledger account has…

A: Financial Transaction:-Any transaction which takes place between the buyer and seller with the…

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: what is Debit balance and Credit balance in ledger?

A: Introduction: A ledger account is a record of commercial transactions. It is a discrete record…

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: When is each of the following ledgers used? Elaborate your answers  1. General Ledger 2. Payables…

A: 1. A general ledger is used in accounting to keep track of all of a business's transactions. Assets,…

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: Which of the following statements is true? a debit to at least one T-account and a credit to (A)…

A: Note: Since you have asked multiple questions, we will solve the first question for you. If you want…

Q: Which of the following pairs of accounts are impacted the same with debits and credits?A. Cash and…

A: There are two sides of account in accounting. One is debit side and other is credit side. For all…

Q: 1) Analyze the following transactions. Indicate which accounts are affected and whether they will…

A: The balance sheet represents that assets are equal to the sum of liabilities and stockholders'…

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

A: The assets accounts are those accounts which is going to provide benefit to the firm in future or…

Q: ___________accounts normally has a debit balance?

A: SOLUTION- A DEBIT BALANCE  IS AN ACCOUNT BALANCE WHERE THERE IS A POSITIVE BALANCE IN THE LEFT SIDE…

Q: Which of the following entries records the payment of an account payable? a.debit Cash; credit…

A: Accounts payable (liability) is decreasing. Cash (asset) is decreasing.

Q: ______________accounts normally has a debit balance?

A: Introduction: Accounting: Accounting is an art of recording , classifying , summarizing and…

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: Are drawing a credit or debit

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

Q: Define debits and credits and explain double-entry accounting.

A:

Q: Using the double entry system together with the accounting equation, determine what is debits and…

A: Accounting equation of business has three important elements. These are assets, liabilities and…

Q: Which of the following is true regarding 'Credit Balance' in ledger account? O a. All options are…

A: Option d is correct.

Q: Which of the following account balance will be placed in the credit column of the trial balance? a.…

A: All assets and expense account will normally have debit balance, so these will be part of debit side…

Q: Identify the items from the following list that are likely to serve as source documents. Is this a…

A: >Analyzing and recording the transaction is the first stem in the Accounting…

Q: A(n). consists of individual accounts for all creditors. O a. accounts receivable ledger O b.…

A: Creditor: It can be defined as the party that lends the money to the business or any individual.

Q: When recording the chart of accounts, the field you use to classify financial statement accounts is…

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

Q: Accounts in the chart of accounts are arranged according to a. Order of appearance in business…

A: A chart of accounts shows different names that are used by the company in preparing the financial…

Q: a. Debit Equipment and credit Cash. b. Debit Garcia, Withdrawals and credit Cash. c. Debit Wages…

A: Journal entries can be termed as process of recording various transactions in a chronological order.…

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: Which one of the following accounts is the most liquid? Select one: a. Building. b. Inventory. c.…

A: Liquid accounts signify the short term assets or current assets.

Q: Which of the following transactions is credited? A) WHEN CHARGED B) PURCHASE OF COMMERCIAL GOODS…

A: Credit transaction: Any transaction by the terms of which the repayment of money loaned, or loan…

Q: Which of the following is not a step in the process of measuring external transactions? a. Analyze…

A: Accrual accounting: The method of accounting which recognizes revenues before they are received, and…

Q: what is the entry for collection of receivable * O debit cash, credit accounts payable O debit cash,…

A: Account’s receivables can be defined as the payment which is yet to be received by the business in…

Q: Consider the following accounts, and determine if the account is an asset (A), a liability (L), or…

A: Lets understand the basics. Asset accounts are accounts on which company has a rights. It include…

Q: Which pair of accounts has the same set of rules for debit and credit entries?

A: Modern Approach of Classification of Accounts Under the modern approach of accounting, accounts are…

Q: A credit balance on accruals account indicates?

A:

Q: the company rendered services on account, what is the entry? O debit cash, credit service revenue…

A: Rendering services is called service revenue for the business. For services rendered, amount may be…