Answered: A CREDIT balance is not the normal for…

A CREDIT balance is not the normal for which account listed below? Select one: a. Retained Earnings b. Service Revenue c. Unrealized Losses d. Prepaid

Accounting Information Systems

11th Edition

ISBN:9781337552127

Author:Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan Hill

Publisher:Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan Hill

Chapter11: The Billing/accounts Receivable/cash receipts (b/ar/cr) Process

Section: Chapter Questions

Problem 4DQ

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

Q 16

Question 16

A CREDIT balance is not the normal for which account listed below?

Select one:

a. Retained Earnings

b. Service Revenue

c. Unrealized Losses

d. Prepaid Expense

Definition Definition Remaining net income of the company after the required dividends are paid to shareholders. This surplus money is usually invested back into the business to expand its business operations or launch a new product.

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