Author: Obotu Agape Oguche

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

What type of account is cost of goods sold? The cost of goods sold (COGS) is a listed item on

Is cost of goods sold a debit or credit? Transactions are usually recorded in accounting as a debit or credit

What type of account is sales discounts on financial statements? A sales discount is recorded in a separate account from

Is treasury stock debit or credit? Treasury stocks are previous outstanding stock that has been bought back by the issuing

Is it an asset or a liability? Accumulated depreciation is the total amount of depreciation expense that has been associated

Is common stock debit or credit? Common stocks form company equity and are therefore treated as equity in accounting. Companies