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 Payable
2. Cash
3. Dividends
4. Miscellaneous Expense
5. Insurance Expense
6. Fees Earned
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...
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Related Book For 
Financial and Managerial Accounting
ISBN: 978-0538480895
11th Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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