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An accounting record of the balances of all assets and liabilities and equity accounts is called a.compound entry. b. general journal. c. general ledger. d. chart of accounts?
Isky3232
c. General Ledger
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∙ 13y ago
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Which accounts normally have credit balances?
All liabilities as well as sales account has credit balance as normal accounting balances.
What is normal balance of liability accounts?
Liabilities are typically credit balances
An accounting record that includes a list of accounts and their balances at a given time is called a?
An accounting record that includes a list of accounts and their balances at a given time is called a trial balance.
Which of the following accounts are expected to have normal credit balances?
Income, Liabilities Capital/Funds
Which accounts normally have debit balances?
Assets, expenses, and revenuesAssets, expenses, and retained earningsINCORRECTAssets, liabilities, and dividendsAssets, expenses, and dividendsCORRECT ANSWER
Which accounts normally have credit balances?
All liabilities as well as sales account has credit balance as normal accounting balances.
What is normal balance of liability accounts?
Liabilities are typically credit balances
An accounting record that includes a list of accounts and their balances at a given time is called a?
An accounting record that includes a list of accounts and their balances at a given time is called a trial balance.
Which of the following accounts are expected to have normal credit balances?
Income, Liabilities Capital/Funds
Revenue accounts should begin each accounting period with zero balances?
should revenue accounts begin each accounting period with zero balance
Which accounts normally have debit balances?
Assets, expenses, and revenuesAssets, expenses, and retained earningsINCORRECTAssets, liabilities, and dividendsAssets, expenses, and dividendsCORRECT ANSWER
What is the difference between trial balance and balance sheet?
The trial balance is an internal document-it stays in the accounting department. It is a listing of all of the accounts in the general ledger (balance sheet accounts and income statement accounts) and their respective balances as of a specified point in time, such as June 30, 2006. The purpose of the trial balance is to document that the total amount of account balances with debit balances is equal to the total of amount of account balances with credit balances. The balance sheet is a financial statement that reports the dollar amounts of assets, liabilities, and stockholders' equity at a specified point, such as June 30, 2006. Since it is a financial statement, it will be distributed outside of the accounting department. As a result, it should be prepared in accordance with generally accepted accounting principles. (Often the balance sheet accounts in the general ledger are summarized and combined so that the resulting balance sheet is only 20 - 30 lines in length.)trial balance consist of addition and subtraction of assets, liabilities and owner's equity. Meaning the additional and subtraction of unadjusted trial balance and adjustments
Which account decreases when debit?
All those accounts decreases with debit which normal or default balances are credit for example all liabilities or incomes are decreased with debits because their default balances are credit balance.
Why may a control account carries both debit and credit balances?
A control account summarizes a set of subsidiary accounts. For example, Accounts receivable may have a control account, representing total Accounts receivable, and also may have a set of subsidiary accounts, representing the amount of Accounts receivable owed by each customer/debtor. The total of all subsidiary accounts must equal the balance of the control account. Control accounts will have debit or credit balances depending on the nature of those accounts. Control accounts for assets, such as Accounts receivable or Fixed assets, will have native debit balances. Control accounts for liabilities, such as Accounts payable, will have native credit balances.
How do you solve for liabilities when only given assets?
To solve for liabilities you have to have assets and owners equity. If you are given these two balances, then to find liabilities remember the accounting equation.Assets = Liabilities + Owners Equity (Stockholders Equity)Rearrange the equation to findAssets - Owners Equity = LiabilitiesFor example if you haveAssets 500 = Liabilities X = Owners Equity $300Assets $500 - OE $300 = Liab. $200The equation original form would look like this.$500 = $200 + $300If you are not given at least two balances, there is really no way to figure the Liabilities.
How do you explain Real Accounts?
Asset, Liability, and Capital Accounts that appear on the balance sheet. The balances of "real" accounts are not canceled out at the end of an accounting period but are carried over to the next period. Also called permanent accounts.
What is the difference between preparing a trial balance and preparing a balance sheet?
AnswerTrial Balance is a statement showing the closing balances of all the ledger accounts and Balance Sheet is a statement showing the closing balances of Assets and Liabilities.
