Identify different categories of accounts and the rules for debits and credits.
Question:
Identify different categories of accounts and the rules for debits and credits.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (1 review)
Different categories of accounts in accounting can be classified into five main types 1 Assets These are resources owned by the company that have econ...View the full answer
Answered By
Sandip Nandnawar
I am a B.E (Information technology) from GECA and also have an M.C.M from The University of RTMNU, MH.
I worked as a software developer (Programmer and TL). Also working as an expert for the last 6 years and deal with complex assessment and projects. I have a team and lead a team of experts and conducted primary and secondary research. I am a senior software engg and senior expert and deal with all types of CSE and IT and other IT-related assessments and projects and homework.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
Identify three transactions that cause debits or credits to an equity-method investment account.
-
The City of Saltwater Beach established an enterprise fund two years ago to construct and operate Tribute Aquatic Center, a public swimming pool. The pool was completed and began operations last...
-
A legally acceptable ID has which characteristic? a . . residential address b . . valid expiration date c . . serial number d . . city of birth
-
A W. Hopes year ended on 30 June 2011. Write up the ledger accounts, showing the transfers to the financial statements and the balances carried down to the next year for the following: (a)...
-
Preston Enterprises uses the direct write-off method of accounting for uncollectible accounts. On October 12, a very large account was written off. The amount was subsequently recovered on December...
-
The MedView brochure said, Only 45 scans per month to cover the monthly equipment rental of $ 18,000.* The footnote at the bottom of the brochure read: *Assumes a reimbursable fee of $ 475 per scan....
-
Purina entered in a contract with the defendant to sell the defendant piglets, known as weanlingsbaby pigs that have been weaned. It is uncontested that the buyer breached and that Purina is entitled...
-
(Amortization SchedulesStraight-Line) Spencer Company sells 10% bonds having a maturity value of $3,000,000 for $2,783,724. The bonds are dated January 1, 2010, and mature January 1, 2015. Interest...
-
Commencing 1 April 2022, Morgan Landscaping Pty Ltd (morgan) provided Larissa (an employee) with the use of a Volkswagen Golf car. The car cost $55,000 (including GST) and was used privately every...
-
Classify the following accounts as real, personal or nominal: 1. Bank Account 2. Furniture Account 3. Salary Account 4. Cash Account 5. Rent Outstanding 6. Bank Overdraft 7. Capital Account 8. Sales...
-
Analyze the following transactions and pass necessary journal entries: 1. 1st October 2016: Goods sold on credit to SM & Sons for 1,250,000. 2. 1st December 2016: Payment received from SM & Sons by...
-
According to a dietary study, a high sodium intake may be related to ulcers, stomach cancer, and migraine headaches. The human requirement for salt is only 220 milligrams per day, which is surpassed...
-
Pamela Corp has operations in States 1 and 2. Its operations for the year were: (15pts) State 1 State 2 Sales 800,000 $250,000 Payroll 200,000 50,000 Property: Avg. Cost 350,000 400,000 Avg. Accum....
-
Suppose that you owe $20,000 when you graduate from college. Your Direct Subsidized loan has an annual interest rate of 4.45%. If you want to pay back the entirety of your loan in ten years, what...
-
Let A = {0. {0}). (a) What are the elements of A? (b) What are the subsets of A? (c) What is P (A), the power set of A? (d) What are the elements of P(A)? (e) What are the subsets of P(A)? (f) How...
-
1. When are the best times to use Participative Budgets 2. List the advantages of Participative Budgets 3. List the Disadvantages of Participative Budgets
-
At t = 446 s after midnight, a spacecraft of mass 1380 kg is located at position (6 x 105, 3 x 105, -8 x 105) m. At that time an asteroid whose mass is 3 x 105 kg is located at position (5 x 105, -6x...
-
The Delta Wire Corporation was founded in 1978 in Clarksdale, Mississippi. The company manufactures high-carbon specialty steel wire for global markets and at present employs about 100 people. For...
-
Using a graphing utility, graph y = cot -1 x.
-
Noelle, the owner of all of the shares of ClockCo, an S corporation, transfers her stock to Grayson on April 1. ClockCo reports a $70,000 NOL for the entire tax year, but $10,000 of the loss occurs...
-
Greiner, Inc., a calendar year S corporation, holds no AEP. During the year, Chad, an individual Greiner shareholder, receives a cash distribution of $30,000 from the entity. Chads basis in his stock...
-
Holbrook, a calendar year S corporation, distributes $15,000 cash to its only shareholder, Cody, on December 31. Codys basis in his stock is $20,000, Holbrooks AAA balance is $8,000, and Holbrook...
-
Syarikat Penapisan Petroleum Berhad produces three joint products; Gasoline, Kerosene dan Diesel; and byproduct, i.e. Tar in the same refinery process. The split-off point incurred after the...
-
Direct labor-hours Machine-hours Total fixed manufacturing overhead cost Variable manufacturing overhead per machine-hour Variable manufacturing overhead per direct labor-hour Required: 1. Compute...
-
Company EJ plans to build a new plant to manufacture bicycles. EJ sells its bicycles in the world market for $400 per bike. It could locate the plant in Province P, which levies a 20 percent tax on...
Study smarter with the SolutionInn App