Name four accounts that would normally appear in the chart of accounts of a merchandising business but would not appear in the chart of accounts of a service business.

A Company pays its suppliers for inventory that it previously purchased. The entry to record that transaction should be: Group of answer choices A debit to accounts payable and a credit to cash A debit to cash and a credit to accounts payable

Which of the following is the correct journal entry to record a sale to a customer on account?   A) Debit Cash       Credit Sales   B) Debit Sales       Credit Accounts Receivable   C) Debit Accounts Receivable        Credit Cash   D) Debit Accounts Receivable         Credit Sales

Why is it vital for a business to have a complete and accurate chart of accounts? Select an answer: so income and expense items can be posted to the business's balance sheet so the default feature in QuickBooks can alphabetize by categories and subcategories so receipts and payments can be applied to the appropriate categories and subcategories