what is debit and credit?
Related questions
6. The bad-debt method that uses the accounts receivable agingreport is _______________.
the bad-debt expense method | |
the percentage-of-sales method | |
the direct write-off method | |
the percentage-of-receivables method |
7. When it is determined that too much money has been set asidefor uncollectible accounts, we will _______________.
credit reserve for uncollectible accounts | |
debit accounts receivable | |
credit cash | |
debit reserve for uncollectible accounts |
8. A customer whose account was previously written offunexpectedly pays us. If we are using the allowance method we would_______________.
debit accounts receivable and credit allowance for uncollectibleaccounts AND debit cash and credit accounts receivable | |
debit cash and credit bad-debt expense | |
debit reserve for uncollectible accounts and credit cash | |
debit bad-debt expense and credit cash |
9. When a retailer accepts a bank card (VISA or MasterCard),they will make what entry for the dayâs receipts?
debit cash and debit âcredit card expenseâ; credit sales | |
debit accounts receivable and credit sales | |
debit cash and credit sales | |
debit accounts receivable; credit sales, and credit âcredit cardexpenseâ |
