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Which of the folloWhich of the following accounts would appear on the post-closing trial balance?
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Name all three types of accounts that have a normal credit balance?
Following are the accounts with normal credit balance: 1 - Net income 2 - Liabilities account 3 - Owners equity account
What is the normal balance for accounts payable?
Accounts payable is a liability account and all liability accounts have credit balance as normal balance so accounts payable is also credit as a normal balance
Accounts Payable is considered a on the Trial Balance?
yes, liability accounts are on the trial balance.
Balance sheet accounts are considered to be?
nominal accounts
Does a debit memo increase or decrease a accounts payable balance?
The accounts payable balance is a credit, so a debit to this account will decrease the balance.
Name all three types of accounts that have a normal credit balance?
Following are the accounts with normal credit balance: 1 - Net income 2 - Liabilities account 3 - Owners equity account
What is the normal balance for accounts payable?
Accounts payable is a liability account and all liability accounts have credit balance as normal balance so accounts payable is also credit as a normal balance
Accounts Payable is considered a on the Trial Balance?
yes, liability accounts are on the trial balance.
Are balance sheet accounts are temporary accounts?
no
information for my bank accounts?
balance of my accounts
Balance sheet accounts are considered to be?
nominal accounts
On the trial balance sheet AR is what?
AR related to accounts receivable in trial balance sheet of business.
The accounts listed on the trial balance with a credit balance include?
owners capital. revenue and expense accounts
Is accounts payable listed on an income statement?
accounts payable is account in balance sheet
Will the post-closing trial balance will generally have fewer accounts than the trial balance?
Yes, it will have less accounts than the trial balance.
Does a debit memo increase or decrease a accounts payable balance?
The accounts payable balance is a credit, so a debit to this account will decrease the balance.
What account would increase with a decrease in the inventory account?
The following will increase: Expense and Revenue Accounts Cost of Goods Sold - Credited Sales Revenue - Credited Balance Sheet Accounts Assets Accounts Accounts Receivable or Cash depending on payment terms will be debited
