State for Each Account Whether It Is Likely to Have

question 16

Essay

State for each account whether it is likely to have
(a) debit entries only,
(b) credit entries only, or
(c) both debit and credit entries when recording business transactions during the month. Also, indicate the normal balance of each account.
1.Fees Earned
4.Supplies
2.Utilities Expense
5.Cash
3.Accounts Payable
6.Accounts Receivable

---

Definitions:

Think Outside The Box

Adopting an innovative and unconventional approach to problem-solving or creativity.

Situational Creativity Drivers

Factors in the environment that enhance or stimulate creative thinking and innovation in specific situations.

Organizational Culture

The common ethos, ideologies, and mores that guide the behavior, emotions, and thoughts of staff members in a business setting.

Three-Component Model

A framework that describes an aspect of analysis or understanding composed of three interrelated elements.