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- What is the impact on the accounting equation when an accounts receivable is collected? A. both sides increase B. both sides decrease C. only the Asset side changes D. the total of neither side changesWhat is an account receivable? O a. Sales O b. Asset Oc. Income O d. CreditorsWhich item will appear on the credit side of ledger account? Select one: a. Rent expense b. Purchases c. Sales d. Cash received
- Which of the following best describes the classification and normal balance of the accounts receivable account? Select one: a. Asset, Debit b. Liability, credit c. Revenue, credit d. Owner's equity, debitWhich of the following accounts has a normal credit balance? a. Accounts Receivable b. Yura Wun, Capital X c. Supplies Expense d. CopyrightsWhich of the following accounts is not a permanent account? Select one: a. Utilities Expense b. Cash in Bank c. Accounts Payable d. Retained Earnings
- The type of account with a normal credit balance is: Group of answer choices an asset drawing a revenue an expense“Credit card” (with an outstanding balance) would be which type of account? a.Proprietary b.Expense c.Current asset d.Current liability e.IncomeWhich of the following accounts has a normal debit balance? A. Interest Revenue B. Inventory C. Sales D. Accounts Payable
- Which account is least likely to be debited when revenueis recorded?a. Accounts Payableb. Accounts Receivablec. Cashd. Unearned RevenueAccounts receivable is classified as an _______________ a. An Asset b. A Expense. c. A Capital d. A Liability.How is the account Accounts Payable classified and what kind of balance should it have? Group of answer choices current liability, debit current liability, credit revenue, debit revenue, credit