A Debit Balance in Which of the Following Accounts Would

question 107

Multiple Choice

A debit balance in which of the following accounts would likely indicate an error?

• A) Salaries Expense
• B) Notes Payable
• C) Edgar Martin, Drawing
• D) Supplies

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Definitions:

Deferred Debit

An expenditure recorded on a balance sheet that is expected to be recovered over time through future benefits or income.

Interim Balance Sheet

A financial statement showing the financial position of a company at a certain point in time, often prepared for a period shorter than a fiscal year.

Work in Process

An inventory account that represents goods that are in various stages of production but are not yet completed.

Materials Requisition

A document or electronic form used to request the transfer of materials from inventory for production or other internal use.