The normal balance of accounts payable account is a ___ because it is a(n) ___ account. a. debit, asset b. credit, liability c. debit, expense d. credit, revenue Balance Sheet The balance sheet is one of the main finan...
The revenue accounts (which are temporary accounts) also have credit balances because revenues cause the owner’s equity account balances to increase. Contra asset accounts and contra expense accounts will also have credit balances. Example of Accounts Where Credit is Not the Normal Balance Accounts...
Classify the equipment account as a revenue, an expense, an asset, a liability, or an equity account. Is its normal balance a debit or a credit?Identify the following account as a revenue, asset, li...
Credit Normal Balance:Liability accounts like accounts payable, loans payable, and accrued expenses have a credit normal balance. Moreover, equity accounts such as owner’s capital and retained earnings, as well as revenue accounts like sales and interest income, also have a credit normal balance....
allowance account avail benefit bottom line break even bring in capitalize clean up cleanup clear corporate finance dividend earn References in periodicals archive ? In the section "Accounting Profit and Normal Profit," they first explain and subtract explicit costs from total revenue to determine acco...
3.The asset created by a business when it makes a sale on account is termeda.accounts payableb.prepaid expensec.unearned revenued.accounts receivable4.Merchandise inventory at the end of the year is overstated.Which of the following statements correctly states the effect of the error?a.owner'...
revenue sharing - distribution of part of the federal tax income to states and municipalities share-out, sharing - a distribution in shares 4. distribution - the commercial activity of transporting and selling goods from a producer to a consumer commerce, commercialism, mercantilism - transactions (...
aan account May be defined as arecord of the in creases,decreases,and balance in an lndividual interm of asset,liabilities,and owners' equity,revenue,or expense 帐户在财产一lndividual interm也许被定义作为arecord在折痕、减退和平衡、责任和责任人权益、收支或者费用 [translate] aDream Car with ...
Manager Revenue Management, Sales & Distribution Ian Shiu said: "We are very pleased to announce this new Code-Share arrangement with British Airways Comair, which will give our passengers seamless connections to three more cities in South Africa - a countrythat'sbecoming increasingly popular as a...
aOn a company's balance sheet, accounts receivable is the amount that customers owe to that company. Sometimes called trade receivables, they are classified as current assets. To record a journal entry for a sale on account, one must debit a receivable and credit a revenue account. When the...