Accounts receivable accounts are increased with a debit. Is it true or false? (Explain your solution) 5. Which of the following items appear on the same side of the trial balance? (Explain your solution) A Drawings and accruals B Freight out and prepayments C Freight in and rental income D Opening inventory and purchase returns
Accounts receivable accounts are increased with a debit. Is it true or false? (Explain your solution) 5. Which of the following items appear on the same side of the trial balance? (Explain your solution) A Drawings and accruals B Freight out and prepayments C Freight in and rental income D Opening inventory and purchase returns
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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4.
5. Which of the following items appear on the same side of the
A Drawings and accruals
B Freight out and prepayments
C Freight in and rental income
D Opening inventory and purchase returns
Expert Solution
Step 1
As per accounting rules, All expenses, losses, and assets should be debited and all income, gain, and liabilities should be credited.
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