What is the book value of bonds payable? What is premium on bonds payable? What is the face value of a bond payable? Where is the premium or discount on bonds payable presented on the balance sheet? What is the difference between a note payable and a bond payable? Dictionary A B C D...
What do notes payable become in an accrual basis? Are accounts payable a current liability? Explain the meaning of Credit and Debit. On a trial balance sheet, what is categorized as Debit? What is categorized as Credit? What is unvouchered accounts payable? What does it mean to write off...
What are assets? Learn the meaning of an asset, the difference between personal and business assets, and who can own assets. See a list of asset examples. Related to this Question Which of the following accounts decreases with a credit? a. ...
As per section 192(1) of the Act, any person responsible for paying any income chargeable under the head “Salaries” shall, at the time of payment, deduct income-tax on the amount payable at the average rate of income-tax computed on the basis of the rates in...
Debit & Credit in Accounting | Meaning, Importance & Examples from Chapter 3 / Lesson 6 154K Explore debit and credit in accounting. Discover double-entry accounting, learn about the rules and importance of debits and credits, and review examples. Related...
| | Debit | Credit | Accounts payable is increased | | In the following account, indicate how to increase or decrease (debit or credit) each account, and indicate its normal balance (debit or credit): Purchase Returns and Allow...
b. Accounts payable. c. Service revenue. d. Prepaid expense. Assets: Assets are valuable items that are owned by an entity whose economic benefits are availed in the future. Machinery, patent, building, inventory, trademarks, account receivables,...
The chart of accounts is established when a business is set up to have the accounts used in the day-to-day activities of the business. The chart of accounts is usually listed at the beginning of the ...
d. Wages Payable.The normal balance for a contra-asset account would be which of the following? a. a credit b. a debit c. sometimes a debit and sometimes a credit d. never a debit and never a creditClassify the cash account as a revenue, an expense, an...
A company made a cash payment of $500 on a long-term note payable. How does this transaction affect the accounting equation? Which accounts are debited and credited? A company paid salaries of $5,000. Prepare the general journal entry to record ...