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For Salary Payable, the category of account and its normal balance are: Liabilities and a credit balance. Assets and a credit balance. Assets and a debit balance.
Owner's equity and a credit balance.
Liabilties due to the fact that payroll is an expense. Asset balance until it is converted from Salaries Payable to Salaries Expense
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User: For Salary Payable, the category of account and its normal balance are: Liabilities and a credit balance. Assets and a credit balance. Assets and a debit balance. Owner's equity and a credit balance.





Weegy: Liabilties due to the fact that payroll is an expense. Asset balance until it is converted from Salaries Payable to Salaries Expense
Expert answered|Randi414|Points 0|

User: is an equipment an asset

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Asked 8/30/2012 7:10:18 PM
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Think of a business transaction, such as buying stamps at the post office. Explain how the transaction would affect all phases of the accounting process.
Weegy: The accounting cycle is the process of entering records and transactions into the appropriate accounts and closing the accounts in the journal each accounting period. [ After all entries are posted appropriately, an accountant or bookkeeper can create several financial reports including a trial balance, income statement, balance sheet, statement of retained earnings and a statement of cash flows. The steps involved in the accounting cycle are always the same, and are commonly used by both for-profit and nonprofit organizations. Read more: Completing the Accounting Cycle | eHow.com ] (More)
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Expert Answered
Asked 8/29/2012 9:03:25 PM
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The following transactions have been journalized and posted to the proper accounts. 1. Mark Call invested $7,000 cash in his new design services business. 2. The business paid the first month's rent of $700. 3. The business purchased equipment by paying $2,000 cash and executing a note payable for $4,500. 4. The business purchased supplies for $850 cash. 5. The business billed a client for $4,000 of design services completed. 6. The business received $3,000 of the account for the completed ...
Weegy: The balance in cash is $6,450. User: A business collects cash from a customer in payment of accounts receivable. Which account is credited? Cash Accounts receivable Service revenue Supplies Weegy: Cash Accounts are credited. (More)
Question
Expert Answered
Updated 8/30/2012 8:08:24 PM
1 Answer/Comment
A business collects cash from a customer in payment of accounts receivable.
Accounts receivable will be credited. Cash will be debited.
Added 8/30/2012 8:08:24 PM
This answer has been confirmed as correct, not copied, and helpful.
Confirmed by jay901 [3/6/2014 8:27:37 AM]
The following are the ending month's balances for Toys Galore, before preparing the trial balance. Accounts payable $6,790 Revenues 8,680 Cash 4,500 Expenses 1,050 Furniture 8,370 Accounts receivable 7,710 Capital ??? Notes payable 5,230 What amount should be shown for Capital on the trial balance? $42,330 $21,165 $930 $16,190
Weegy: The answer is "$16,190 ". User: The owner's capital account is increased by a debit. true false Weegy: The answer is "true" User: A business pays cash back to the owner. Which account is debited? Cash Drawing Service revenue Accounts payable Weegy: The answer is "Accounts payable " (More)
Question
Expert Answered
Updated 8/30/2012 11:14:01 PM
2 Answers/Comments
In order for the trial balance to balance, Capital must be $930.
Added 8/30/2012 11:13:29 PM
The owner's capital account is increased by a debit. False. It is increased by a credit.
Added 8/30/2012 11:14:02 PM
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