Which one of the following statements describes the rules about posting transactions into T-accounts in the ledger? For assets, debits are entered on the left; for liabilities, credits are entered on the left For assets, credits are entered on the left; for liabilities, debits are entered on the left Debits on the left; credits on the right Credits on the left; debits on the right

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

The process of posting is the transfer of debits and credits from the O a. T accounts to the journal. Ob. T accounts to the ledger. O c. journal to the ledger. O d. ledger to the journal.

Which of the following is a type of off-Balance Sheet activity? a. A demand loan. b. A Letter of credit c. A credit card account. d. A deposit account.

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

identify if the statements are true or false ASAP

The Sum of all the accounts in the accounts receivable subsidiary ledger should?

Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 8,000 pounds of oysters in August. The company’s flexible budget for August appears below:   Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (q)   8,000       Revenue ($4.20q) $ 33,600 Expenses:     Packing supplies ($0.30q)   2,400 Oyster bed maintenance ($3,000)   3,000 Wages and salaries ($2,400 + $0.30q)   4,800 Shipping ($0.80q)   6,400 Utilities ($1,220)   1,220 Other ($480 + $0.01q)   560 Total expense   18,380 Net operating income $ 15,220     The actual results for August appear below:   Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds   8,000       Revenue $ 27,000 Expenses:     Packing supplies   2,570 Oyster bed maintenance   2,860 Wages and salaries   5,210 Shipping   6,130 Utilities   1,030 Other   1,180 Total expense   18,980 Net operating income $…

How the GL accounts are arranged? O alphabetically arranged according to chart of accounts arrangement according to amount according to the whim of the bookkeeper

The following comments each relate to the recording of journal entries. Which statement is true? Question 1 Select one: a. Journalization is the process of converting transactions and events into debit/credit format. b. For any given journal entry, debits must exceed credits c. The chart of accounts reveals the amount to debit and credit to the affected accounts d. It is customary to record credits on the left and debits on the right