Question: 9. Identify the statement below that is incorrect. A. The normal balance of accounts receivable is a debit. B. The normal balance of unearned revenues

9. Identify the statement below that is incorrect. A. The normal

9. Identify the statement below that is incorrect. A. The normal balance of accounts receivable is a debit. B. The normal balance of unearned revenues is a credit. C. The normal balance of an expense account is a credit. D. The normal balance of the share capital account is a credit. 10. A law firm collected $1,800 on account for work performed in the previous month. Which of the following general journal entries will the firm make to record this collection of cash? A. Debit Accounts Receivable, $1,800; credit Unearned Legal Fees Revenue, $1.800. B. Debit Cash, $1,800; credit Unearned Legal Fees Revenue, $1.800. Debit Cash, $1,800; credit Accounts Receivable, $1,800. D. Debit Accounts Receivable, $1,800; credit Legal Fees Revenue, $1.800

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Please answer the following: 10. A debit entry is always an increase in the account. (True or False) 11. A transaction that credits an asset account and credits a liability account must also affect...

6. Asset accounts are decreased by debits. (True or False) 10. A debit entry is always an increase in the account. (True or False) 11. A transaction that credits an asset account and credits a...

1. The concept of adequate disclosure A. does not apply to information which is immaterial. B. grants users of the financial statements access to a company's accounting records. C. does not apply to...

undefined 9. Identify the statement below that is incorrect. A. The normal balance of accounts receivable is a debit. B. The normal balance of unearned revenues is a credit. C. The normal balance of...

25) Under terms FOB shipping point the seller of the goods A) Pays the cost of freight in transit B) Pays the cost of insurance in transit C) Doesn't own the goods in transit D) Both A&B E) Both B&C...

27) Identify the statement below that is incorrect. A) The normal balance of accounts receivable is a debit. B) The normal balance of owner's withdrawals is a debit. C) The normal balance of unearned...

1. Creditors use financial accounting information to A) evaluate the risks of lending money. B) determine whether the company is following regulatory guidelines. C) determine whether the company is...

2. The calculation of depreciation using the declining balance method A) yields an increasing depreciation expense each period. B) multiplies a declining percentage times a constant book value. C)...

A- Multiple Choice Questions (15 marks) Answer ALL questions from this section. Choose the best possible answer (3 marks each). 1. Creditors use financial accounting information to A) evaluate the...

A bar of circular cross section having two different diameters d and 2d is shown in the figure. The length of each segment of the bar is L/2 and the modulus of elasticity of the material is E. (a)...

What are some factors to consider when setting up a business

6. The County and City Data Book, published by the Census Bureau, lists information on 3139 counties throughout the United States. Assume that a national study will collect data from 30 randomly...

Bill and Joe decided to go on vacation together. Bill lives in Boston, and Joe lives in New York. They flip a coin to decide if they will fly from Boston or from New York, and then they flip a coin...

1. Do you think that chief executives should still receive an enormous bonus even if the organisation that they have led has performed badly? List the arguments for and against.

explain the role of various people and groups in health and safety and wellbeing at work

explain the key points in the main legislation relating to health, safety and wellbeing at work