Answer:
The normal balance of each account will depend on the type on account involved.
Explanation:
The double-entry system of accounting imlpies that transactions recorded shlooud involve two movements; a corresponding debit entry for a credit entry, though some transactions have more than two entries.
However, by way of rule, a normal balance increases the account and on the opposite of that account, the amount decreases so as to obtain a balance in its rightful position.
Thus, asset accounts will have debit balances, liabilities and capital accounts will have credit balances, income account will have credit balances due to its additional effect on capital, while expenses and withdrawals will have debit balances because they reduce capital.
Answer:
heading
Explanation:
our contact information—which includes your name, address, phone number, and email address—should always appear at the top of your resume, regardless of which resume format you are using.
Answer: True
Explanation:
The valuation of marketable securities on the balance sheet requires the securities on the balance sheet requires the separation of investment securities into three categories.
The categories are held to maturity which are the securities that are bought and then kept until they mature; the trading securities and then the securities that are available for sale.
Answer: $670,400
Explanation:
Period costs are not included in direct production and in this instance include:
- Variable selling and administrative expense
- Fixed manufacturing overhead
- Fixed selling and administrative expense
Period costs = (12,000 * 4) + 406,400 + 216,000
= $670,400
Answer: $420,000 of expense in the income statement as an ordinary item. Douglas’ accounts for this change in estimate in the period of change by reporting the newly calculated amount of bad debt expense as an ordinary item of income. Changes in estimate are not considered an extraordinary item, an error correction, or a change in accounting principle.
