State for Each Account Whether It Is Likely to Have

question 197

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
2. Utilities Expense
3. Accounts Payable
4. Supplies
5. Cash
6. Accounts Receivable

---

Definitions:

Large Firms

Companies that operate on a large scale, often having significant market power, extensive operations, and substantial revenues.

Collusion

An agreement between two or more parties, often competitors, to limit competition and manipulate prices or terms of trade to their advantage.

Industry

A group of companies or organizations involved in the production or supply of goods and services in a particular area of the economy.

Firms

Business entities engaged in commercial, industrial, or professional activities, with the goal of earning a profit.