A credit balance in which of the following accounts would indicate a likely error? Show a.Common Stock b.Salary Expense c.Accounts Payable d.Fees Earned  Q: Which of the following is true regarding 'Credit Balance' in ledger account? O a. All options are… A: Option d is correct. Q: a. Determine the amount of the adjusting entry for uncollectible accounts. $ b. Determine the… A: Accounts receivable Accounts receivable refers to the amounts to be received within a short period… Q: If the credit to record the purchase of supplies on account is not posted,a. liabilities will be… A: The correct option is option “a”. a. liabilities will be understated Q: How should correction of errors be reported in the financial statements? A: Click to see the answer Q: Indicate whether a debit or credit decreases the normal balance of each of the following accounts.… A: Click to see the answer Q: Which of the following is NOT the objective of preparing a trial balance? O a. To help in preparing… A: Trial balance is summary of all general ledger account balances as on a particular date. It shows… Q: Indicate whether a debit or credit decreases the normal balance of each of the following accounts.… A: Normal balance: Normal balance of an account refers to the heavier side of the account vis-à-vis the… Q: If the credit to record the payment of an account payable is not posted,a. cash will be… A: The correct option is option “a”. a. cash will be overstated. Q: For each of the following situations, indicate whether itrepresents an accounting error and explain… A: An accounting error indicates a mistake occurred while posting an accounting entry in the books. The… Q: Which of the following best describes the classification and normal balance of the accounts… A: Accounts receivable account generally shows the amount to be received from the customers against the… Q: hat is the impacts on accounting equation when an accounts receivable is collected A: Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by… Q: uncollectible accounts O A. is relevant when using the percentage of receivables basis. O B. is… A: Solution: The balance in allowance for doubtful accounts prior to making the adjusting entry to… Q: Indicate whether a debit or credit decreases the normal balance of each of the following accounts.… A: Accounts payable can be defined as the current liability whose amount payment is the obligation of… Q: In income statement columns of the worksheet, when total credits exceed total debits, there is * O… A: The income statement shows the net income earned by the company. Debits of the income statement show… Q: Indicate whether each statement best describes the allowance (A) method or the direct write-off… A: Allowance method: It is a method for accounting for uncollectible receivables, where uncollectible… Q: Determine the amount of the adjusting entry for uncollectible accounts. $ b. Determine the… A: Accounts receivable Accounts receivable refers to the amounts to be received within a short period… Q: What is the connection between an account's balance sheet equation position and the rules for… A: The connection between an account's balance sheet equation position and the rules for recognizing… Q: What is the net impact to total assets when an account receivable is written ofif? decrease in total… A: JOurnal entry for written off of Accounts receivable: DATE ACCOUNTS DEBIT CREDIT Allowance… Q: how changes in these types of accounts would be recorded (Dr for debit; Cr for credit). Debit… A: Click to see the answer Q: Identify whether a debit or credit results in the indicated change for each of the following… A: Normal balance: Normal balance refers to the excess of amount on one side, over the amount on the… Q: The normal balance of the Input VAT account that can be credited in the financial statements is… A: Financial statements: Financial statements are condensed summary of transactions communicated in the… Q: If the balance in Cash Short and Over at the end of a period is a credit, it should be reported as… A: The income statement is the statement in which all the revenue and expenses concerning operations… Q: Which of the following accounts normally has a debitbalance?a. Unearned Revenueb. Rent Expensec.… A: correct option is b.) Rent Expense Generally Assets, expenses, losses, and the owner's drawing… Q: Which situation indicates a net loss within the Income Statement section of the worksheet? a. Total… A: Income statement: Income statement is the financial statement which reports revenues and expenses… Q: Which situation indicates a net loss within the Income Statement section of the worksheet? a. Total… A: In an income statement , credits refers to income and debits refers to expenses. Net loss occurs… Q: Allowance for Doubtful Accounts is classified as a(n) ______ account and has a normal ______… A: The allowance for doubtful accounts is established to record the estimated bad debt expenses. Q: A transaction is not recorded by the accountant either wholly or partially in the books of accounts… A: The trial balance is to be rectified with various correction entries in case of any errors are… Q: nterest payable, retained earnings, and sales revenue have a balance whereby credits normally exceed… A: Entry ledger have a balance of debit , credit or nil balance. Every assets and expenses are having… Q: A credit is used to decrease which of the following accounts (more than one may be correct)?… A: As per rules of debit and credit, All assets, expenses, withdrawals and dividend accounts will… Q: Which of the following is true? a. When individual customers’ accounts have credit balances of… A: The question is multiple choice question. Identify the Correct Statement. Q: b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad… A: (b) The adjusted balance of Accounts Receivables, Allowance for Doubtful Accounts, and Bad debts… Q: est of details of transactions involves testing the transactions which give rise to the ending… A: Solution Concept Test of details Test of details is a method used by auditor to verify… Q: Which statement about the worksheet is not correct? A. Resulting net income or net loss is reflected… A: The worksheet is prepared to enter the Unadjusted Trial balnce and adjustment entries and further… Q: A transaction is not recorded by the accountant either wholly or partially in the books of accounts… A: There are various errors that an accountant can commit while recording or posting financial… Q: Which situation indicates loss on the income statement a. Total debits exceed total credits b.… A: Income statement is a statement show the gross profit and net profit earned by comparing the sales… Q: The value of Assets, Drawing and Revenues is normally reflected on the debit side of the Trial… A: The financial statements of the business include the income statement and balance sheet of the firm.… Q: Give an example of how this chosen principle affect the financial reporting process. You can explain… A: The principle of consistency suggests that you need to adhere to and follow this principle… Q: Which of the following best describes the proper presentation of accounts receivable in the… A: Accounts receivable is a current asset ,it represents the money is receivable by the company from… Q: In accounting, what is the distinction between a nominal account and a real account? A: Solution Concept Nominal account Expenses and losses Debit Income and gains Credit… Q: Define a change in estimate and provide an illustration. When is a change in accounting estimate… A: Change in accounting estimate: This change occurs when a change decides to change the estimates… Q: Define a change in estimate and provide an illustration. When is a change in accounting estimate… A: Click to see the answer Knowledge Booster SEE MORE QUESTIONS Recommended textbooks for you Intermediate Financial Management (MindTap Course... ISBN:9781337395083 Author:Eugene F. Brigham, Phillip R. Daves Publisher:Cengage Learning Auditing: A Risk Based-Approach (MindTap Course L... ISBN:9781337619455 Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg Publisher:Cengage Learning Financial And Managerial Accounting ISBN:9781337902663 Author:WARREN, Carl S. Publisher:Cengage Learning, Century 21 Accounting General Journal ISBN:9781337680059 Author:Gilbertson Publisher:Cengage Century 21 Accounting Multicolumn Journal ISBN:9781337679503 Author:Gilbertson Publisher:Cengage College Accounting (Book Only): A Career Approach ISBN:9781337280570 Author:Scott, Cathy J. Publisher:South-Western College Pub Intermediate Financial Management (MindTap Course... ISBN:9781337395083 Author:Eugene F. Brigham, Phillip R. Daves Publisher:Cengage Learning Auditing: A Risk Based-Approach (MindTap Course L... ISBN:9781337619455 Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg Publisher:Cengage Learning Financial And Managerial Accounting ISBN:9781337902663 Author:WARREN, Carl S. Publisher:Cengage Learning, Century 21 Accounting General Journal ISBN:9781337680059 Author:Gilbertson Publisher:Cengage Century 21 Accounting Multicolumn Journal ISBN:9781337679503 Author:Gilbertson Publisher:Cengage College Accounting (Book Only): A Career Approach ISBN:9781337280570 Author:Scott, Cathy J. Publisher:South-Western College Pub Which of the following will indicate a debit balance?Asset, Expense and Loss Accounts will show a Debit Balance at the year end.
In which of the following accounts would a credit balance indicate a likely error?Financial Accounting
A credit balance in which of the following accounts would indicate a likely error? Answer: The correct answer is the salary expense.
When an account is said to have a debit balance *?An account has a debit balance if the total of credit side is greater than the total of debit side.
Which item is shown as a debit balance in trial balance?At the end of an accounting period, the accounts of asset, expense, or loss should each have a debit balance, and the accounts of liability, equity, revenue, or gain should each have a credit balance.
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In which of the following accounts would a debit balance indicate a likely error?
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