Indicate whether the following accounts would normally possess a debit or credit balance: (a) Salaries, (b) Debtors,

Question:

Indicate whether the following accounts would normally possess a debit or credit balance:

(a) Salaries,

(b) Debtors,

(c) Creditors,

(d) Plant and machinery,

(e) General reserve,

(f) Patents,

(g) Commission received, (h) Sales return, (i) Purchases, (u) Fuel and power, (k) Drawings, (l) Capital.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Management Accounting Text Problems And Cases

ISBN: 9781259026683

6th Edition

Authors: M Y Khan, P K Jain

See More Books

Question Posted: Mar 02, 2024 02:01 AM

See More Questions

Emily Jackson (Social Security number 765-12-4326) and James Stewart (Social Security number 466-74-9932) are partners in a partnership that owns and operates a barber shop. The partnership's first...
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
1.Which of the following below is NOT an element of internal control? a. risk assesment b. monitoring c. information and communication d. behavior analysis ANSWER:D 2. Which of the following below is...
Burger Prince buys top-grade ground beef for $1.00 per pound. A large sign over the entrance guarantees that the meat is fresh daily. Any leftover meat is sold to the local high school cafeteria for...
In an online job application, an applicant is requested to submit a photograph. The application states that submission of a photograph is "optional" and should be done "if available." Is this policy...
You want to prepare an aqueous solution of ethylene glycol, HOCH 2 CH 2 OH, in which the mole fraction of solute is 0.125. What mass of ethylene glycol, in grams, should you combine with 955 g of...
Let me tell you a little bit about the history of Trek, says Mark Joslyn, vice president of human resources at Trek Bicycle Corporation. Its a fantastic story, he continues proudly. Its a story about...
On Friday nights, patients arrive at the emergency room at Mercy Hospital at an average rate of seven per hour, which follows a Poisson distribution. Assume that an emergency-room physician can treat...
A building with a cost of $900,000 has an estimated residual value of $360,000, has an estimated useful life of 36 years, and is depreciated by the straight-line method. a. What is the amount of the...
Arrange the following information in the sequence of accounting cycle: (a) Posting to the ledger, (b) Trial balance is prepared, (c) Business transaction takes place, (d) Income statement is...
State the rules of debit and credit as applied to (a) expense accounts, (b) asset accounts (c) capital account.
The data show the systolic blood pressure of 30 college students. Find the mean and modal class. Class Frequency 105109 2 110114 5 115119 6 120124 8 125129 8 130134 1
Silver Company makes a product that is very popular as a Mothers Day gift. Thus, peak sales occur in May of each year, as shown in the companys sales budget for the second quarter given below: April...
Among the following statements, select the ones which have a positive environmental impact. Choose several answers Minimising the impact of a product on the environment Avoiding the destruction of a...
Developing Financial Statements: All organizations, including those in the healthcare industry, need to make money to be profitable and survive. Financial statements, such as balance sheets, profit...
The engineers estimated that on average, fuel costs, assuming existing routes and number of flights stay the same, would decrease by almost 18% from an average of 42,000 gallons of jet fuel per...
It's the latest Berkeley trend: raising chickens in a backyard co-op coop. (The chickens cluck with delight at that joke.) It turns out that Berkeley chickens have an unusual property: their weight...
Hugh Donovan is chief financial officer (CFO) of Light Speed Connections (LSC), a rapidly growing U.S. technology company with a traditional defined-benefit pension plan. Because of LSC's young...
Find the market equilibrium point for the following demand and supply functions. Demand: 2p = - q + 56 Supply: 3p - q = 34
How does the process of reverse innovation work?
Exactly how should sustainability be best defined when making it part of a goal statement or strategic objective for a business or nonprofit organization?
Who and/or what should be considered as key stakeholders by a business executive when mapping the task environment for her organization?
Due to the relationship of financial statements, the statement of stockholders' equity links the income statement to the balance sheet. True or False?
Troy Engines, Limited, manufactures a variety of engines for use in heavy equipment. The company has always produced all of the necessary parts for its engines, including all of the carburetors. An...
Trey is single and has no qualifying child. His adjusted gross income is $12,355. In order to claim the Earned Income Tax Credit, he must meet which of the following requirements? He cannot be the...

Indicate whether the following accounts would normally possess a debit or credit balance: (a) Salaries, (b) Debtors,

Question:

Step by Step Answer:

Accounts typically have either a debit or credit balance based on the nature of the account and whet...View the full answer

Management Accounting Text Problems And Cases

Students also viewed these Business questions