The company received a payment from a customer—a debit—which the bookkeeper recorded in the left-hand column. Correspondingly, the bookkeeper recorded a credit of the same amount in the right-hand column, assigned to revenue. This is because the customer paid the company for goods or ...
1.Accounting information is used bya.business b.government regulation agencies c.labor unions d.all of above2.An account has two sides called the a.debit and credit b.asset and liability c.revenue and expense d.journal and ledger 3.A business has assets of 140000 and liabilities of 80000....
A debit is used to record: A、A decrease in an asset account. B、A decrease in an expense account. C、An increase in a revenue account. D、An increase in the balance of an owner's capital account. E、An increase in the balance of the owner's withdrawals account. ...
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() A.The normal account balance for a revenue account is a debit balance. B.The normal account balance for an asset account is a debit balance. C.The normal account balance for an expense account is a debit balance. D.The normal account balance for a liability is a credit balance. 2 ...
Are retained earnings a debit or credit? In accounting terms, retained earnings are a credit. They increase with a credit entry, and retained earnings decrease with a debit entry. What is a statement of retained earnings? A statement of retained earnings is a financial statement that shows the...
A contra revenue account is a revenue account that is expected to have a debit balance (instead of the usual credit balance). In other words, its expected balance is contrary to—or opposite of—the usual credit balance in a revenue account. A contra revenue account allows a company to see...
Once the transaction is approved, a hold can be put on the cardholder’s account. The hold will freeze the authorized amount of money (or credit) until you settle or cancel the transaction. The process works like this: A cardholder uses a credit or debit card to make a purchase. ...
Gift card fraud is a common way to commit transactional fraud because the cards are hard to trace and aren’t as heavily regulated as debit or credit cards. An example of gift card fraud is when a fraudster uses stolen payment details to buy a product online and then returns it for a ...
Deferred revenue is payment received from a customer before a product or service has been delivered. However, the payment is not yet counted as revenue.Deferred revenue,which is also referred to as unearned revenue, is listed as a liability on the balance sheet because, under accrual accounting,...