During the month, Genesis Labs Co. has a substantial number of transactions affecting each of the following

Question:

During the month, Genesis Labs Co. has a substantial number of transactions affecting each of the following accounts. State for each account whether it is likely to have
(a) Debit entries only,
(b) Credit entries only, or
(c) Both debit and credit entries.
1.
2.
3. Cash
4. Fees Earned
5. Insurance Expense
6. Meg Abdel, Drawing
7. Supplies Expense

Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...