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Author Question: The type of account and normal balance of Petty Cash is a(n) a. revenue, credit b. asset, debit ... (Read 215 times)

penguins

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on: Jul 5, 2018
The type of account and normal balance of Petty Cash is a(n)
 a. revenue, credit
  b. asset, debit
  c. liability, credit
  d. expense, debit

Question 2

Team Shirts, Inc recognized 13,880 in salaries and wages expense for the quarter. At the beginning of the quarter, the balance in Salaries Payable was 2,300. At the end of the quarter, the balance was 3,425.
 
  How is the accounting information for these items reported on the statement of cash flows using the INDIRECT method?
  What will be an ideal response?


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snackralk

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

b

Answer to Question 2

The net increase of 1,125 is added to net income in the operating activities section.


penguins

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

cici

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Reply 3 on: Yesterday
Excellent

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