Indicate Whether Each of the Accounts Listed Below Normally Will

question 109

Essay

Indicate whether each of the accounts listed below normally will have a debit or a credit balance. Record your answer to the left of each account by entering either Dr or Cr.
____ 1. Allowance for doubtful accounts
____ 2. Bad debt expense
____ 3. Sales returns and allowances
____ 4. Deferred revenue
____ 5. Sales discounts
____ 6. Notes receivable
____ 7. Sales revenue
____ 8. Short-term investments

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Definitions:

Implied Covenant

An unstated promise or clause in a contract, inferred by law to promote fairness and uphold the contract’s spirit.

Bonus Payment

Additional remuneration given to employees as a reward for their performance, beyond their normal salary.

Religious Discrimination

Unfair or prejudicial treatment of individuals or groups based on their religious beliefs or practices.

Title VII

A section of the Civil Rights Act of 1964 prohibiting employment discrimination based on race, color, religion, sex, and national origin.