For Each of the Following Accounts,indicate Whether We Use a Debit

question 50

Short Answer

For each of the following accounts,indicate whether we use a debit or a credit to decrease the balance of the account.
(a)Accounts Receivable
(b)Accounts Payable
(c)Salaries Expense
(d)Service Revenue
(e)Supplies
(f)Common Stock
(g)Advertising Expense
(h)Dividends

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Definitions:

Budgeting

The process of creating a plan to spend your money, outlining projected income versus expenses over a particular period.

Manufacturing Overhead Budget

A detailed plan showing the production costs, other than direct materials and direct labor, that will be incurred over a specified time period.

Direct Materials

Raw materials that can be directly traced to the manufacturing process of a product and are an integral part of the finished good.

Direct Labor

The cost of workers who can be easily identified with the manufacturing process of a product.