Answered: Crediting means O a. Entering the…

Crediting means O a. Entering the amount on the left side of the account O b. Entering the amount on the right side of the account

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 26MC: What is the impact on the accounting equation when an accounts receivable is collected? A. both...

See similar textbooks

Related questions

Q: The left side of an account is used to record which of the following? a. Debit or credit, depending…

A: Definition: Rules of Debit and Credit: Following rules are followed for debiting and crediting…

Q: An account consists of Select one: a. a title, a left side, and a debit balance. b. a…

A: An account consists of three parts: First the title of account (which is a unique name assigned to…

Q: The normal balance of an account is on the Side represented by decreases in the account balance O…

A: Answer The correct option is C)Side represented by increase in the account balance Explanation An…

Q: Identify the normal balance (debit [Dr] or credit [Cr]) for each of the following accounts.…

A: There were three types of accounts that were involved in recording the journal entries. They are…

Q: Identify whether the account is increased with a Debit (DR) or Credit (CR)

A: Ledger account: It is used to record the business transactions that were made during a financial…

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: Which of the following checks the arithmetical accuracy of accounts? O a. Balance sheet O b. Journal…

A: Arithmetical accuracy of accounts will be there only when the total of debits will be equal to the…

Q: Instruction: Indicate on the space provided,(1)(X)on the element where the account belong (2) BS if…

A: The income statement and balance sheet are the financial statements of the business.

Q: Which item will appear on the credit side of the ledger account? a. Salary b. Drawings c. Service…

A: All expenses, losses, and assets should be debited and all revenue, income, gain, and liabilities…

Q: which one of the following accounts normally has a credit balance? A. Drawings B. Capital C.…

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

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: Analyze the statement given then choose if the effect on account will Increase or Decrease it.…

A: The accounting equation is the basic principle of accounting that is used to prepare a balance…

Q: 12. An account to be debited should be firstly determined in recording transaction in the general…

A: Journal entry is the first entry which is recorded in the journal book. It is the very first entry…

Q: An account consists of * O a title, a debit balance, and a credit balance. a title, a left side, and…

A: Accounts are used for recording journal entries in accounting. In making journal entries, at least…

Q: In a double-entry accounting system,a. a debit entry is recorded on the left side of a T-account.b.…

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

A: Land is an asset account.

Q: Select whether each of the following accounts normally has a debit balance or a credit balance:

A: Under generally accepted accounting principles, All the assets and expenses accounts has normal…

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: Rules of debit and credit and normal balances State for each account whether it is likely to have…

A: As per the double-entry booking system of accounting, for each transaction, there are two effects or…

Q: In the blank space beside each account, enter the code for the financial statement column (IS or BS)…

A: The corporation requires preparing financial statement which helps it to analyze its performance in…

Q: The process of posting is the transfer of debits and credits from the O a. T accounts to the…

A: The process of preparation of Final accounts is: Preparing Journal Entries against Transactions.…

Q: Solve question With given worksheet Also another question what accounts are to be credited and…

A: Solution- Date Particulars Amount Amount A may 1 petty cash--------------------------DR…

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: 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: Which one of the following account groups normally has a credit balance? O A. assets and liabilities…

A: 1.Assets - It includes:- Current assets long term investments fixed assets intangible assets other…

Q: Which one of the following is not a part of an account? Select one: a. Title b. Credit side c.…

A: Account consists of: Date Title Debit side Credit side

Q: Calculating balance of any account, after posting all entries in ledger account, is known as O a.…

A: The numerical has covered the concept of ledger accounts. The Ledger accounts have done in 'T' form…

Q: hey appe

A: The debit balance is the amount of cash the customer something that is essential to have in the…

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: Rules of debit and credit and normal balances State for each account whether it is likely to have…

A: As per the double-entry booking system of accounting, for each transaction, there are two effects or…

Q: Select one of the following accounts to complete the above journal entry. O a. Fees Earned O b.…

A: As the narration of the transaction says fees received for services performed which means services…

Q: In the blank space beside each account, enter the code for the financial statement column (IS or BS)…

A: a. Equipment - BS

Q: Which item will appear on the credit side of ledger account?

A: General ledger: General ledger is a book of original entry which records the accounting data in…

Q: Directions: Complete the table by identifying whether the normal account balanc falls under debit or…

A: Normal balance is the balance that increases the balance of the account. Whereas, the opposite side…

Q: For each of the transactions below, indicate the account to be debited or credited by

A: Investment of the owner - g Received cash for service rendered - Accounts receivable Purchased…

Q: An accounting entry that is characterized by having multiple debits and/or multiple credits is…

A: A journal entry has always been utilized to disclose a business deal in a company's accounting…

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

A: Introduction: The final balance from the ledger accounts is ready to be recorded in the trial…

Q: Identify whether each of the following accounts is permanent or temporary A. Accounts Receivable…

A: The post-closing trial balance is prepared after all the adjustment entries and closing entries.…

Q: Determine whether the balance in each of the following accounts increases with a debit or a credit.…

A: Introduction: Accounts: Accounts are of 2 types: 1 ) Debit Account - Recording debit side called…

Q: For each account, identify if the change would be recorded as a debit (DR) or credit (CR).

A: 1. For Assets: An increase in assets will be recorded as a debit (DR) A decrease in assets will be…

Q: The following table summarizes the rules of debit and credit. For each of the items (a) through (,…

A: Rules of Debit and Credit:Following rules are followed for debiting and crediting different accounts…

Q: Identify the normal balance (debit [Dr] or credit [Cr]) for each of the following accounts. Accounts…

Q: An account will have a credit balance if the

A: Credit Balance of an Account: As the name implies, a debit entry indicates a transfer of money into…

Question

please answer without plagiarism

Crediting means
O a.
a. Entering the amount on the left side of the account
O b. Entering the amount on the right side of the account
c.
Both entering right and left side of the account
O d. None of the options

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Which of the following is true regarding 'Credit Balance' in ledger account? a. All options are correct O b. Debit total equal to credit total O C. Excess of debit total over credit total O d. Excess of credit total over debit total
Identify the correct pair of formula from the following column I and II: (Choose the correct alternative) Column I Column II A Current Account Surplus i. Receipts Payments C Balance Current Account i. Receipts + Payments D Current Account Deficit iv. Receipts < Payments Alternatives: а) А -i b) В - ii c) C - ii d) D - iv
What is the normal balance of accounts payable? Group of answer choices debit either debit or credit This is an ambiguous question credit
The total credit equal to the total of debit in ledger account is called: O a. Credit balance O b. Negative balance O C. No balance O d. Positive balance
The left side of any account is the credit side A True, B) False
For 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 page
The normal balance of an asset account is: Question 4 options: None of the options is correct A credit balance A debit balance Could be either a debit or credit balance
Multiple choice: 1.Collection of an account receivable would: A.decrease liabilities B. have no effect on owner's equity C. decrease owner’s equity D. increase total assets
Which one of the following is not a part of an account? Select one: a. Title b. Credit side c. Trial balance d. Debit side
Which term is associated with '' left'' or''left side'' a) Debit b) Credit
What type of entry will decrease the normal balances of the general ledger accounts Interest Receivable and Fees * ?Receivable Adjusting Credit Debit (
N3. Account please answer asap drop down options are: meets or does not meet