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Author Question: ____________________ will be converted into cash or consumed within either one year or the normal ... (Read 58 times)

DyllonKazuo

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on: Jul 5, 2018
___________________ _ will be converted into cash or consumed within either one year or the normal operating cycle of the business, whichever is longer.
 Fill in the blank(s) with correct word

Question 2

Indicate the normal balance of the account with a DR or CR and identify each account as permanent (P) or temporary (T).
 
  Account Normal balance Permanent or
  temporary
  1. Prepaid insurance
  2. Insurance expense
  3. Notes receivable
  4. Interest revenue
  5. Interest receivable
  6. Notes payable
  7. Interest expense
  8. Interest payable


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tjayeee

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Reply #1 on: Jul 5, 2018
Answer to Question 1

Current assets

Answer to Question 2

1. DR, P; 2. DR, T; 3. DR, P; 4. CR, T; 5. DR, P; 6. CR, P; 7. DR, T; 8. CR, P


DyllonKazuo

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Reply 2 on: Jul 5, 2018
Great answer, keep it coming :)

miss.ashley

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Reply 3 on: Yesterday
:D TYSM

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