Moosa Corp. has the following accounts: 1. Accounts Receivable 2. Income Tax Expense 3. Rent Revenue 4.

Question:

Moosa Corp. has the following accounts:
1. Income Tax Expense
3. Rent Revenue
4. Retained Earnings
5. Bank Loans
6. Unrealized Gain or Loss-OCI
7. Accumulated Other Comprehensive Income
For each account, indicate (a) whether a $100 debit to the account would increase or decrease the account, and (b) whether the account balance at the end of the fiscal year would be adjusted during the closing process.
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...