Accounting 1 Normal Balance

blank endorsement: an endorsement consisting only of the endorser's signature – blank endorsement: an endorsement consisting only of the endorser's signature
Trial Balance – A proof of the equality of debits and credits in a general ledger
Stated rate < market rate – discount, CV increases
limited liability company (LLC) – A business form consisting of one or more persons or entities filing an operating agreement with a state to conduct business with limited liability to the owners, yet treated as a partnership for tax purposes.
lifestyle – the way a person uses time, energy, and resourses
Notes Receivable – amounts owed to a company; the company loaned money to another party and expects to be repaid over a period of time. Interest is charged
SECTION 3: Singular and plural forms of nouns–question 1 Reminder about instructions–For the noun below: if the singular form is provided, give the plural form. If the plural form is provided, give the singular form.   Un [a1]; tres lugares (Accented vowels and special letter, in case  you need them: á   é   í   ó   ú   ñ)
current liabilities – liabilities the company will pay off in the next fiscal year
Voight Company's account balances at December 31 for Accounts Receivable and Allowance for Doubtful Accounts were $1,400,000 and $70,000 (credit balance), respectively. An aging of accounts receivable indicated that $128,000 are expected to become uncollectible. The amount of the adjusting entry for bad debts at December 31 is
A. $128,000.
B. $58,000.
C. $198,000.
D. $70,000. – B
SECTION 3: Singulаr аnd plurаl fоrms оf nоuns–question 1 Reminder about instructions–For the noun below: if the singular form is provided, give the plural form. If the plural form is provided, give the singular form.   Un [a1]; tres lugares (Accented vowels and special letter, in case  you need them: á   é   í   ó   ú   ñ)
The accounts payable account would be shown on the – Balance sheet
EACH TRANSACTION AFFECTS…. – Assets,Liabilities,Capital/Withdrawal, Revenue,Expenses (These are all separate accounts)
Temporary accounts – Accounts used to accumulate information until it is transferred to the owner's capital account
petty cash voucher – a form used to reflect payments from the petty cash fund

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