State for each account whether it is likely to have (a) Debit entries only, (b) Credit entries
Question:
(a) Debit entries only,
(b) Credit entries only, or
(c) Both debit and credit entries. Also, indicate its normal balance.
1. Accounts Receivable
2. Commissions Earned
3. Notes Payable
4. Susan Wilks, Capital
5. Unearned Rent
6. Wages Expense
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...
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Related Book For
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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