ndicate the normal balance and category of each of the following​ accounts:   CATEGORy options ARE: asset, contra-expense, contra-revenue, expense, liability, revenue.     Account Normal Balance Category a. Sales Returns and Allowances     b. Merchandise Inventory     c. Miscellaneous Income     d. Payroll Tax Expense     e. Sales Discounts     f. Cost of Goods Sold     g. Income Tax Payable     h. Prepaid Expenses

Q: r to create a common size statement for the Statement of Profit and Loss, all items must: a. Divided…

A: The correct answer is  e. Divided by sales

Q: With the accrual basis of accounting, revenue from a credit sale is recognized Multiple Choice…

A: Accrual basis of accounting: Accrual basis of accounting refers to recognizing the expenses and…

Q: Tell whether each of the following accounts is part of net sales, cost of goods sold, operating…

A: Explanation- All are in different different account according to their nature.Here is the nature of…

Q: Determine whether each sentence is True or False Interest payable, retained earnings, and sales…

A: NOTE : As per BARTLEBY guidelines, when multiple questions are given then first question is to be…

Q: For each of the following accounts used by a retail business, determine its classification: asset,…

A: Contra assets are those whose accounts balance is credit. Generally, all asset accounts show debit…

Q: d. Trade receivables, current assets (after deducting the related allowance) b. Trade receivables,…

A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…

Q: Which of the following statements is correct? Group of answer choices A)Revenue is recognized at the…

A: A)Revenue is recognized at the time of shipment when goods are shipped FOB destination-The given…

Q: Match each account or description on the left with the appropriate classification on the right. v…

A: The contra-liability represents those accounts created by the management to set off the liability…

Q: All of the following are nominal accounts except Prepaid Expense Cost of Goods Sold Interest…

A: Solution: Nominal accounts are those account which are related to revenue, expense, gain or loss…

Q: If a company purchases inventory on account, what type of accounts are affected? (i.e., assets.…

A: Inventory :- It is raw materials , work in progress , finished goods, which is used to produce…

Q: which of the following would be considered in the calculation of gross profit?  Sales and returns…

A: Gross Profit is the operating profit calculated by deducting the cost of goods sold from the revenue…

Q: Which of the following best describes Accrued Liabilities?a. Long-term liabilities.b. Current…

A: Accrued liabilities are also known as outstanding liabilities. It means those liabilities which are…

Q: Financial statements prepared under which of the methods of inflation accounting can be a part of…

A: Accounting is essential to operating a company since it allows businesses to track income and…

Q: Which of the following explains the debit and credit rulesrelating to the recording of revenue and…

A:

Q: Which of the following is an amount for products or services purchased on account? A)accounts…

A: Account payable is the account related to products or services purchased on account. Unearned…

Q: Which of the following accounts normally has a debitbalance?a. Unearned Revenueb. Rent Expensec.…

A: correct option is b.) Rent Expense Generally Assets, expenses, losses, and the owner's drawing…

Q: Net Income is calculated as follows: NI = NII – Burden - PL + SG-T Where, bank burden (non-interest…

A: Formula: NI = NII - Burden - PL - + SG - T NI stands for Net Income.

Q: Due to this accounting principle I postpone the moment I reveal expenses on my goods to the moment I…

A: Principle means the fundamental upon which the books of account are prepared.

Q: What entry format is appropiate if sales returns and allowances occur on factored accounts? a.…

A: Journal is a place where accounting transactions are listed in the book keeping system before ledger…

Q: Which income statement account(s) would be affected by a policy choice at the same time as the…

A: Inventory is directly related to the cost of goods sold. To change the policy of valuation of…

Q: purchase discount is relevant into the followings cycles: a. payroll and personnel O b. sales and…

A: Accounting is essential to operating a company since it allows businesses to track income and…

Q: Which of the following is an amount for products or services purchased on account? Oaccounts payable…

A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…

Q: The current assets are :- a - ending raw materials inventory. b - account receivable. c - notes…

A: Current assets are assets that are in cash form or that can be converted into cash in short period…

Q: Briefly explain the accounting treatment for sales returns and allowances. Where are these accounts…

A:

Q: For each of the following items, identify whether the item is considered current or noncurrent, and…

A: When the item is with the organisation for the 12 months or less than one accounting period then it…

Q: Which of the following would calculate Net Income or Net Loss? O Gross Profit - Operating Expenses O…

A: Net income is calculated as the Sales-Cost of goods sold-Operating expense Where Gross profit is…

Q: Based on the account balances above, calculate Net sales Cost of goods sold Gross profit/loss Other…

A: Net sales means the sales of company less sales returns. Cost of goods sold means the direct cost of…

Q: The expense recognition principle requires: Multiple Choice that expenses should be split between…

A: The expenses recognition principle states that expenses should be recognized in the same accounting…

Q: 1, Dudley Bank has the following balance sheet and income statement. Calculate  Provision for loan…

A: Note: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts…

Q: 6. An example of a contra-revenue account found on the Income Statement is the M O A. Sales Returns…

A: A revenue account that is anticipated to have a debit balance is referred to as a contra revenue…

Q: Consider the following accounts and identify each account as an Asset(A), Liability(L), or…

A: Assets accounts are those accounts that are related to resources of the organization. Liability…

Q: The gain or loss on net monetary position is computed as a. The difference between the “net monetary…

A: In the period of inflation, an entity incurs purchasing power loss on holding of monetary assets and…

Q: Indicate the effect of the transactions listed in the following table on total current assets,…

A: Payment is made to trade creditors for previous purchases: Here, payment to creditors is made.…

Q: 1. Sales journal must contain the following: * A) Date, Name and Address of Buyer, Sales Invoice or…

A: Sales journal also known as sales day book records credit sales. Cash sales are recorded in the cash…

Q: The income statement line gross profit will appear on which income statement format? Select one: a.…

A: 1. Receipt and Payment A/c: Receipt and payment A/c is prepared by non profit organization, Which…

Q: In which of the following types of accounts are increases recorded by credits?   Question 8 options:…

A:

Q: Indicate the effect of the transactions listed in the following table on total current assets,…

A: Entry for Merchandise sold for cash is : Cash a/c Dr        XXX   To Sales a/c Cr  XXX

Q: 1. Which method of reco accrual accounting? a. Allowance method b. Direct writeoff method c. Percent…

A: The allowance for uncollectible account is maintained to record estimated bad debt expense for the…

Q: Sales taxes collected by a retailer are reported as revenues. current liabilities. expenses.…

A: Introduction: A sales tax is a consumption tax imposed by the government on the selling of goods and…

Q: The adjusting entry to record the accrual of income tax expense includes a: O A. credit to Income…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Classify each of the following items as revenues (R), expenses (EX), or withdrawals (W). Cost of…

A: Definition: Financial Accounting: It refers to the process of recording the financial transactions…

Q: Identify each of the following items relating to sections of an income statement as Revenue from…

A: Income Statement: The income statement reports the financial performance in terms of profit or loss…

Q: The account that appears in the chart of accounts for a merchandising entity but not for service…

A: Merchandise Entity - In this type of entity corporation is mainly generate revenue through sale of…

Q: Which of the following best describes the activities of the accounting function? a. inventory…

A:

Q: Which of the following is not reported in an income statement under IFRS? a.    Discontinued…

A: Definition: Income statement refers to the financial results of business for the period of time.