Indicate the normal balance and category of each of the following accounts: a. Unearned Revenue b. Merchandise
Question:
a. Unearned Revenue
b. Merchandise Inventory (beginning of period)
c. Freight-In
d. Payroll Tax Expense
e. Purchases Discount
f. Sales Discount
g. FICA—Social Security Payable
h. Purchases Returns and Allowances
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 64% (17 reviews)
A Credit Liability B Debit Asset C Debit ...View the full answer
Answered By
PALASH JHANWAR
I am a Chartered Accountant with AIR 45 in CA - IPCC. I am a Merit Holder ( B.Com ). The following is my educational details.
PLEASE ACCESS MY RESUME FROM THE FOLLOWING LINK: https://drive.google.com/file/d/1hYR1uch-ff6MRC_cDB07K6VqY9kQ3SFL/view?usp=sharing
3.80+
3+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
Indicate the normal balance and category of each of the following accounts: a. Sales Returns and Allowances b. Inventory c. Miscellaneous Income d. Payroll Tax Expense e. Sales Discounts f. Cost of...
-
Indicate the normal balance of the five types of accounts. Account Type Normal Balance Assets.................._____________________ Liabilities.............._____________________ Owner's...
-
Indicate the normal balance (debit or credit) for each of the following accounts: 1. Cash 2. Wages Expense 3. Accounts Payable 4. Owners Drawing 5. Supplies 6. Owners Capital 7. Equipment
-
Write a critical review paper on the topic of financial management in the broad sense.
-
X and Y take the value 0 with probability 0.5 and the value 1 with probability 0.5. Consider independent random variables X and Y with identical probability distributions as given. Let Z = X + X and...
-
The closing price of a stock is 90.25 and the dividend is 3.50. What is the yield of the stock?
-
Crash Test Results Data Set 13 in Appendix B includes crash test results from 21 different cars. Determine whether the given values are from a discrete or continuous data set. Data Set 13: Car Crash...
-
DataPoint Engineering is considering the purchase of a new piece of equipment for $240,000. It has an eight-year midpoint of its asset depreciation range (ADR). It will require an additional initial...
-
Find the absolute minimums and maximums of the following functions on the given intervals f(x) = x-6x+5 f(x) = 2x3 1. 2. on [-2,5] on [-2,1] X f(x) = x-3x+5 f(x) = x+1 3. 4. on [-2,1] on [-4,4] 5....
-
Bring forward a real-world company that has expanded to the point that it needs to introduce an accounting information system (AIS). Please include references Construct a PowerPoint presentation that...
-
Given a figure of beginning inventory of $440 and a $920 figure for ending inventory , place these numbers on the Income Summary line of this partialworksheet. Income Statement Cr. Adj. ATB Dr. Cr....
-
From the following, calculate (a) Net sales, (b) Cost of goods sold, (c) Gross profit, (d) Net income: Sales, $21,800; Sales Discount, $500; Sales Returns and Allowances, $270; Beginning Inventory,...
-
What is the book Materia Medica? Who wrote it and when? What kind of information does it contain?
-
By how much, on average, would the total number of customers (the sum of those in all queues plus those in all servers) change if two servers were pooled in the following setting: 1) Before pooling,...
-
Consider three urns, one colored red, one white, and one blue. The red urn contains 1 red and 4 blue balls; the white urn contains 3 white balls, 2 red balls, and 2 blue balls; the blue urn contains...
-
Describe how criminal justice subculture impacts organizational behavior in criminal justice organizations.
-
In no more than two to three sentences, state what the central concern(s) is for auditors when auditing an account driven substantially by management's estimates and these estimates are highly...
-
explain how VRIO framework (Value, Rareness, Imitability, and Organization) can be used to analysis and evaluate competencies in a hotel/ resort/airlines. Provide a detailed and clear example from...
-
A 50 000-kg freight car is pulled 800 m up along a 1.20 percent grade at constant speed. (a) Find the work done against gravity by the drawbar pull. (b) If the friction force retarding the motion is...
-
Borrowing costs should be recognised as an expense and charged to the profit and loss account of the period in which they are incurred : A. If the borrowing costs relate to qualifying asset B. If the...
-
What risks are included by regulators in their definition of operational risks? What risks are not included?
-
Explain why goods in transit (F.O.B. shipping point) to buyer and goods issued on consignment are added to inventory valuations.
-
When ending inventory is understated, what effect will it have on cost of goods sold and net income?
-
Journalize the following transaction in correct form: 201X Apr. 1 Sold merchandise on account, $1,230. The merchandise cost $680.
-
3. A piece of wire is to be bent in the form of a rectangle to put around a picture frame. The length of the picture frame is 1.5 times the width. If you are given the length of the wire to be 10...
-
1. Convert the following 2s complement binary numbers to decimal numbers. (25 points) a. 10110101 b. 01110101 C. 11110110 d. 00011001 e. 10101010
-
Research how companies have benefitted from SEO efforts. Find a minimum of three case studies - . (bank saxo, all state insurance, and td bank). In your own words, explain their SEO scenario and how...
Study smarter with the SolutionInn App