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
(c) Both debit and credit entries. Also, indicate its normal balance.
1. Notes Payable
2. Accounts Receivable
3. Wages Expense
4. Commissions Earned
5. Unearned Rent
6. Shinya Mylod, Capital
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: 978-0324401844
22nd Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
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