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Who of the following accounts would be closed at the end of the accounting period?
Accounts receivable
Is 10 investment a Dr or Cr balance in trial balance?
In a trial balance, an investment account is typically recorded as a debit (Dr) balance. This is because investments represent assets owned by the business, and asset accounts are increased with debits. Therefore, in the context of a trial balance, a 10 investment would appear as a debit.
What accounts will normally maintain a credit balance prepaid taxes interest income rent expense equipment?
Prepaid taxes and equipment are asset accounts, so would normally have a debit balance. Rent expense is an expense account, so would normally have a debit balance. Liability, equity, and income accounts normally have credit balances.
What is the Accounting entry for down payment to vendor?
Debit Deposits (an asset account) and credit Cash. You could also debit Accounts Payable for the deposit. Then post the final billing as a credit to Accounts Payable - the net difference is what would be due to the vendor.
What is the journal entry to write off customer accounts?
You would credit the customer account and debit bad debt.
Which of the following accounts would be decreased with a debit?
capital
What would the adjusted entry be for product sold on credit?
When product sold:[Debit] Accounts receivable[Credit] Sales revenueAdjusted Entry:[Debit] Cash / bank[Credit] Accounts receivable
What would be the journal entry of payment?
Debit expense or accounts payableCredit cash / bank
Who of the following accounts would be closed at the end of the accounting period?
Accounts receivable
What accounts will normally maintain a credit balance prepaid taxes interest income rent expense equipment?
Prepaid taxes and equipment are asset accounts, so would normally have a debit balance. Rent expense is an expense account, so would normally have a debit balance. Liability, equity, and income accounts normally have credit balances.
What is the Accounting entry for down payment to vendor?
Debit Deposits (an asset account) and credit Cash. You could also debit Accounts Payable for the deposit. Then post the final billing as a credit to Accounts Payable - the net difference is what would be due to the vendor.
What is the journal entry to write off customer accounts?
You would credit the customer account and debit bad debt.
Which normally has a credit balance - accounts receivable or notes payable?
Notes Payable is a liability, so it would normally have a credit balance. Accounts Receivable is an asset which would normally have a debit balance.
When services are rendered but payment is not made which account would be increased?
Accounts payable
Why do banks reject a person getting a debit card for their own accounts?
Usually checking accounts have debit cards automatically. The only reason I could think you would get one is if you are a risk to them, like in the past you have had plenty of bounced checks or constantly run down your balance. Why not ask them, they are the one's denying you, they would have the answer.
The purchase of a typewriter on an account would be recorded as a debit on accounts payable and credit to office equipment True or False?
false
What would the journal entry be for payment received for goods previously sold on credit?
debit cash / bankcredit accounts receivable
