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Is not considered an account a. Equipment b. revenues c. accounts payable d. cash e. accounts receivable?
b. revenues is not considered an account. In accounting, revenues refer to the income generated from normal business operations, while the other options (equipment, Accounts Payable, cash, and accounts receivable) represent specific types of accounts in the balance sheet or financial statements.
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Which of the following is not considered to be a liability 1 Accounts Payable 2 Accounts Receivable 3 Wages Payable 4 Unearned Revenues?
Accounts receivable is that portion of sales which are made on credit and money is agreed to be received in future that;s why accounts receivable is an asset of company and that's why not treated as a liability of company
What affect would Accounts Receivable have on a business vs sales revenues?
It is fairly easy to "cook the books" by recording sales revenue offset by increasing Accounts Receivable. Eventually this is found out when the "customers" never pay their amounts "receivable".
Where does accounts receivable go on a multi step income statement?
Accounts receivables would be included in the balance sheet. The income statement reports revenues and expenses. Accounts receivables is an asset account and all the asset, liablities and equity accounts are reported on the balance sheet.
Is sales debit or credit?
Sales is a revenue account and all revenues has credit balance as default balance so sales also has credit as default balance while cash or accounts receivable will be debited against it.
What account would not be closed to income summary at the end of the fiscal year?
At the end of the fiscal year, permanent accounts, also known as real accounts, are not closed to the Income Summary. These accounts include assets, liabilities, and equity accounts, such as cash, accounts receivable, accounts payable, and retained earnings. Instead, they carry their balances forward into the next accounting period. In contrast, temporary accounts like revenues and expenses are closed to the Income Summary to prepare for the new fiscal year.
Which of the following is not considered to be a liability 1 Accounts Payable 2 Accounts Receivable 3 Wages Payable 4 Unearned Revenues?
Accounts receivable is that portion of sales which are made on credit and money is agreed to be received in future that;s why accounts receivable is an asset of company and that's why not treated as a liability of company
What affect would Accounts Receivable have on a business vs sales revenues?
It is fairly easy to "cook the books" by recording sales revenue offset by increasing Accounts Receivable. Eventually this is found out when the "customers" never pay their amounts "receivable".
Are Cash Fees Earned Unearned Revenues considered nominal accounts?
yes
Does accounts receivable go income statement?
Accounts receivables are on the balance sheet. They are an asset of the firm, that is they represent a future economic benefit. The income statement holds the revenues and expenses of the business.
Where does accounts receivable go on a multi step income statement?
Accounts receivables would be included in the balance sheet. The income statement reports revenues and expenses. Accounts receivables is an asset account and all the asset, liablities and equity accounts are reported on the balance sheet.
What is the net income for a company with Cash 55000 Accounts receivable 70000 supplies 3000 accounts payable 4000 owners capital 114000 revenues 200000 and expenses 190000?
Net Income = Revenues - Expenses Net income = 200000 - 190000 Net income = 10000
Is sales debit or credit?
Sales is a revenue account and all revenues has credit balance as default balance so sales also has credit as default balance while cash or accounts receivable will be debited against it.
If a firm has 100 million in revenues Does that mean it has generated a cash flow of 100 million?
Not necessarily. Let's say a company sold services on December 20th, 2009 for $50 million. If they sold these services on account, the journal entry would be: Accounts Receivable $50 million Service Revenues $50 million This company would have $50 million in Revenues but $0 in cash flow for 2009. If they payment is received in 2010, it would look like this: Cash $50 million Accounts Receivable $50 million. Here they would have (if this is their only entry) $50 million of cash flow and $0 of revenue. It is the difference between cash and accrual basis accounting.
Are accounts payable and income fees called revenues?
yes
Is an asset a cost that will be matched with revenues in a future accounting period?
Some assets will become costs in a future period such as Inventory and Prepaid Expenses. Fixed Assets will be depreciated in future periods. However, assets such as Cash and Accounts Receivable do not represent future expenses.
What is the debit and credit of this example charged some costumers 1800.00 for repair services?
Assuming that the services have already been performed (i.e., the revenue has been EARNED), the entry for the invoice/income would be: DR Accounts receivable 1800.00 CR Revenues from services 1800.00
Which of the following types of accounts are decreases recorded by credits?
revenues, liabilities
