Normal Balances of Accounts Identify each of the following accounts of Dispatch Services Co. as asset, liability, owner's equity, revenue, or expense, and state in each case whether the normal balance is a debit or a credit: Item Type of Account Debit or Credit a.  Accounts Payable     b.  Accounts Receivable     c.  Ashley Griffin, Capital     d.  Ashley Griffin, Drawing     e.  Cash     f.  Fees Earned     g.  Office Equipment     h.  Rent Expense     i.  Supplies     j.  Wages Expense

Q: Which of the following transactions would be recorded if using the accrual basis ofaccounting but…

A: Given: To determine the following transactions would be recorded if using the accrual basis…

Q: The general journal records the daily transactions of a business pertaining to: a. Purchases…

A: A general journal is a form of accounting entry that is used to report a business transaction in a…

Q: Instructions On January 1, the first day of its fiscal year, Chin Company issued $24,200,000 of…

A: Bonds are a form of dues or liability for the business, on which regular interest payments needs to…

Q: The journal entry to record the purchase of supplies on accounta. credits Supplies and debits…

A: Journal entries Journal entries are the transactions that are recorded in the primary book. They are…

Q: Detailed information about the individual accounts for all creditors is provided by Multiple Choice…

A: Detailed information about the individual accounts for all creditors is provided by the ''accounts…

Q: O a. Entry at two separate dates in a credit and cash transaction

A: Journal entry is a primary entry that records the financial transactions initially. The transactions…

Q: Write the type of journal to be used for each of the following transactions: (general journal, sales…

A: Write the type of journal to be used for each of the following transactions: (general journal, sales…

Q: The Ledger related to expenses is entered in which one of the ledger? Sales Ledger Purchase return…

A: Expenses are not recorded in a specific ledger.

Q: Which of the following represents amounts owed for goods, supplies, or services purchased? Group of…

A: The question is asking to identify the term that represents the amounts that a company owes for…

Q: The sales journal records the daily transactions of a business pertaining to: O a. Sales…

A: Sales journal  records revenue from sale of  goods or services.

Q: Prepare a trial balance for the selected general ledger accounts and prove the accuracy of…

A: Trial Balance -:A trial balance is a simple schedule of all the common ledger accounts (both income…

Q: The adjusting entry to account for estimated customer returns and allowances involves a a. credit to…

A: Sales returns means goods being returned by customer. Sales allowances means reductions are being…

Q: The journal entry to record fees earned on account would be posted to which of the following…

A: There are three golden rules in accounting for recording the transaction : Debit what comes in ,…

Q: Accounts receivable are best described as a. Liabilities of the company that represent the amount…

A:

Q: An account balance is: Multiple Choice The total of the credit side of the account. The total of the…

A: Ledger means the account prepared where the entries related to one particular account is posted at…

Q: Rent A/c Debit; Cash A/c Credit. For this Journal, which item will appear on the Credit side of Cash…

A: Ledgers are used for classifying the recorded general journal entries into separate account like…

Q: The debits and credits from three related transactions are presented in the following creditor's…

A: June 6: In this transaction goods are purchased or services are received on account; and the source…

Q: If a company makes a journal entry that records a debit to “Rent Expense,” that journal entry also…

A: Journal: Recording of a business transactions in a chronological order.

Q: Under accrual-basis accounting,sales made on credit are usually reported as: A.liabilities…

A: There are two type of bases used in accounting purpose. One is cash basis of accounting and other is…

Q: When company uses special journal , the transaction of settling company liabilities record in.. a.…

A: Journal is the recording of financial transactions according to the dual entity concept and it helps…

Q: Post the transactions to T-accounts

A: T-accounts is the set of record to present the transactions of the company

Q: The accounts receivable are sold to company known as a. Broker b. Factor c. Accounting service…

A: Factoring is a type of service offered by finance companies in which the entity or company sells all…

Q: A credit balance on a ledger account indicates……… a.an asset or expense b.a liability or an expense…

A: A credit balance is expected for the following accounts: i) Liability accounts  such as accounts…

Q: State whether the account should be debited or credited and the normal balance of the account for…

A: In accounting, normal balance of all assets and expenses account is debit balance. For all…

Q: A sales on account transaction is recorded: a. in the general journal after it has been recorded in…

A: The question is asking about the correct procedure for recording a sales on account transaction in…

Q: Which of the following groupings of accounts includes only accounts that carry a normal credit…

A: The assets and expenses have the normal debit balance and these accounts are debited with increase…

Q: A purchases journal is used to record: O a. purchases of merchandise on account for resale. O b.…

A: Journal: It is often defined as a primary accounting book that is used by the business to record all…

Q: For each account, indicate whether it appears in the general ledger or the subsidiary ledger.…

A: Indicate whether it appears in General Ledger or Subsidairy Ledger.

Q: The following source document is used to support the transactions related to returns outwards to…

A: The company is in constant interaction with its suppliers and customers and there are many…

Q: Journal entry: If a company uses the ALLOWANCE method for valuing Accounts Receivable on the balance…

A: If company uses allowance method  then at the end of the year business will evaluate the estimated…

Q: Which of the following is the correct journal entry to record a sale to a customer on account?…

A: The journal entries are prepared to keep the record of day to day transactions of the business on…

Q: Sales Returns and Allowances account is report it like

A: Sales returns occur when goods are given back by the customer due to defects in terms of…

Q: Enter the transactions shown above in appropriate general ledger accounts (use T-accounts). (Post…

A: Journal entries recording is initial step in accounting cycle process under which atleast one…

Q: After posting is completed in the accounts receivable ledger and the g ledger, the total of the…

A: Solution: Accounts receivable ledgers are subsidiary ledgers where all credit sales with respective…

Q: Which of the following transactions will be recorded in cash payment journal? a. Receipt of income…

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

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.