Author: Obotu Agape Oguche

Is notes payable debit or credit? Notes payable is a liability account on the balance sheet of a business that

Supplies expense is what type of account? Supplies are incidental items that companies purchase to use in the near future.

Is notes receivable debit or credit? Many businesses sell goods or render services to customers on credit. After the sale,

Is supplies expense debit or credit? Supplies are incidental items that are purchased with the expectation to be consumed in

Accounting is a process whereby the financial transactions of a business or organization are recorded, classified, and summarised systematically. This

Is accounts receivable an asset or revenue? Some businesses sell goods or services to their customers on credit. That is,

Is depreciation expense debit or credit? When companies purchase assets for their business, they try to consider how long these

Is accounts receivable a current asset? Some customers or clients can purchase goods or services from businesses on credit. On

Is merchandise inventory debit or credit? Merchandise inventory is goods that have been purchased by a retailer, wholesaler, or distributor

Is deferred service revenue debit or credit? Any time a company or individual receives payment for future services, this is

Revenue is the income a company generates from the sale of goods or the provision of services to clients. Nevertheless,

Is unearned revenue debit or credit? Businesses make revenue from the sale of their goods or from providing services to

Is sales return debit or credit? Customers usually return defective and damaged products to retailers. These retailers then have to

Is sales revenue debit or credit? Sales revenue is the income that a business generates from the sale of its

Cost of sales, also known as cost of goods sold (COGS) is a calculation of all the direct costs incurred

Is service revenue debit or credit? Businesses generate revenue from the sale of goods or from providing services to their

Is prepaid rent an asset? A company can make an advance payment for a good or service such as rent

Is accounts payable a permanent account? Accounts payable (AP) is the short-term obligations listed on the balance sheet which have

Is service revenue a permanent account? Service revenue is the income that a company generates from rendering a service. A

Is prepaid rent a permanent account? Prepaid rent is the rent paid before the rental period to which it is